Business
CLN Conversion and Final Settlement
CLN Conversion and Final Settlement.
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[{"type":"text","content":"\n \n \n \n RNS Number : 0546F\n Pathfinder Minerals Plc\n 12 November 2020\n \n \n \n \n 12 November 2020\n \n \n Pathfinder Minerals Plc\n \n \n (\"Pathfinder\" or the \"Company\")\n \n \n \n CLN Conversion and Final Settlement\n \n \n & TVR\n \n \n \n Pathfinder announces that it has elected to convert the outstanding £77,000 Convertible Loan Note (\"CLN\") principal into new Ordinary Shares in the Company. As per the terms of the CLN instrument (as announced on 3 April 2020), the conversion has taken place at a price equivalent to 90% of the 10 day VWAP at the close of trading yesterday, being 0.479p. Accordingly, 17,861,285 new Ordinary Shares are to be issued, in aggregate, to the holders of the CLNs (the \"CLN Conversion Shares\"). The final accrued CLN interest balance of £5,422 is to be settled in cash. \n \n \n \n \n \n The recipients of the CLN Conversion Shares have agreed to a six-month lock-in covering these Ordinary Shares. The lock-in will run from the date of admission to trading (see below) and terminate six calendar months thereafter. The lock-in does not apply to any other Ordinary Shares held by the recipients. In the event that the Company's share price trades at or above 1.00p for a period of ten consecutive days during the lock-in period, the lock-in will automatically terminate and the recipients will be free to trade the CLN Conversion Shares.\n \n \n \n \n \n Related Party Transaction\n \n \n John Taylor, a director of the Company, and Richard Jennings, a Substantial Shareholder (as defined by the AIM Rules) of the Company, will be issued 1,623,753 and 16,237,532 CLN Conversion Shares, respectively. Following the receipt of these CLN Conversion Shares, Mr Taylor will have a holding of 4,923,753 Ordinary Shares and Richard Jennings, who, together with his related parties, Align Research and C. A. Jennings, will have a holding of 58,429,839 Ordinary Shares.\n \n \n The entering into the lock-in agreement with the Company by Mr Taylor and Mr Jennings is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company, other than Mr Taylor, consider, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, that the terms of the lock in agreement are fair and reasonable in so far as the Compan...