15th Nov 2016 10:45
LONDON (Alliance News) - Pathfinder Minerals PLC said Tuesday that it has sold a number of shares in the company, pursuant to an order by the English High Court made against the previous holder of the shares.
Pathfinder said it sold approximately 8.8 million shares at a price of 0.83 pence a share, generating proceeds of GBP73,360. The shares had previously been held by Diogo Cavaco, but the High Court granted Pathfinder an order for their sale after Cavaco failed to comply with orders for costs awarded against him in court proceedings brought by Pathfinder in 2012.
Pathfinder noted it retains the remainder of the 19,824,000 shares subject to the order, that were originally held by Cavaco's co-defendant JV Consultores Internacionais Limitada. Pathfinder said it reserves to right to sell those shares at some point in the future.
"The proceeds will further aid Pathfinder in pursuing the recovery of its mining licences," said the company.
Pathfinder Minerals remains embroiled in a dispute in Mozambique courts as it tries to regain assets it claims were seized by former Mozambique State Security Minister General Veloso, an associate of Cavaco and the owner of JV Consultores. English courts have ruled Pathfinder is owed GBP1.4 million in legal costs, but the courts in Mozambique have disagreed with the rulings.
Shares in Pathfinder Minerals were down 2.4% at 0.756p Tuesday morning.
By Adam Clark; [email protected]
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