5th Jun 2019 15:32
LONDON (Alliance News) - Pathfinder Minerals PLC said Wednesday it has raised GBP135,000 through a subscription for 4.9 million shares at 2.75 pence each to existing investors.
Shares in Pathfinder were down 4.7% at 2.52p in afternoon trade.
Natural resources company Pathfinder will use the proceeds for general working capital purposes.
In addition, Pathfinder has also agreed to issue 5.8 million new shares at the same 2.75p price to a current and a former director to settle deferred salary that had accrued. These settlement shares cut Pathfinder's cash liabilities by GBP159,333.
Of the 5.8 million settlement shares issued, 1.2 million were to Non-Executive Co-Chair Henry Bellingham. This took Bellingham's stake to 2.6 million shares or 0.8%.
The other 4.6 million shares were issued to former chief executive Nicholas Trew, taking his holding to 27.8 million shares or 9.1%.
In the case of both the subscription and settlement shares, Pathfinder also issues one warrant with a 3.5p exercise price for every subscription or settlement share.
Following admission of all shares, Pathfinder's issues share capital will be 305.1 million shares.
Related Shares:
PFP.L