2nd Feb 2024 14:58
Pathfinder Minerals PLC - AIM-listed cash shell seeking reverse takeover - Agrees to new deferred consideration payment terms for the sale of IM Minerals Ltd. The sale of IM Minerals to Acumen Advisory Group LLC back in July included the right to bring a claim against the Mozambique government for the expropriation of a Pathfinder mining concession. As a contingent payment, AAG was to pay Pathfinder the greater of USD30 million or 25% of the amount received for the claim. However, AAG informed Pathfinder it "contemplated not complying" with the terms. To avoid possible default, Pathfinder agrees that the payment will be based solely on a sliding scale of 22.5% to 40% of the amount received from the claim. It notes the new agreement gives AAG more incentive to pursue the claim. Read More
