23rd Oct 2018 11:36
LONDON (Alliance News) - Pathfinder Minerals PLC said Tuesday it raised GBP150,000 in a share subscription with new and existing investors.
The company placed 11.1 million shares at 1.35 pence each, a 6% premium to Pathfinder's closing price on Monday of 1.275p.
Shares in the Mozambique-focused miner were trading up 1.8% at 1.30 pence each on Tuesday.
The company said it will use the proceeds from the subscription for general working capital purposes. It expects the funds to provide sufficient working capital to operate through the first quarter of 2019.
Pursuant to the subscription, Pathfinder will issue one warrant to subscribe for one share for every subscription share, with an exercise price of 1.75p exercisable within three years from admission.
Non-Executive Co-Chairman Simon Farrell and Chief Executive Officer Scott Richardson Brown each subscribed for 1.9 million shares and have been issued 1.9 million warrants. Following admission, both Farrell and Richardson Brown will each be interested in a 0.7% stake in the company.
Additionally, Pathfinder said it will issue 6.0 million shares to satisfy fees for certain UK corporate services to a non-related party. The price of the issue was not specified.
The company expects the shares to be admitted to trading on AIM on November 2, after which it will have 272.9 million shares issued.
Related Shares:
PFP.L