Business
Corporate Update HTMLPIPESYMBOL Subscription & ...
Corporate Update HTMLPIPESYMBOL Subscription & ....
About this update from Rome Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8108V Pathfinder Minerals Plc 10 April 2019 \n\n10 April 2019\nPathfinder Minerals Plc\n(\"Pathfinder\" or the \"Company\")\n \nCorporate Update, Scoping Study\n&\nSubscription & Further Issue of Equity\n \nPathfinder provides an update on progress towards restoring an interest in Mining Concession 4623C (the \"Licence\") in Mozambique and settling all current and pending legal disputes associated directly and indirectly with the Licence (the \"Proposed Transaction\"). \n \nThe Board is evaluating multiple transaction structures, taking into account commercial and regulatory factors, through which the Company could hold its interest in the Licence and deliver value for shareholders. While the optimal structure of the Proposed Transaction remains under evaluation, the Board is pleased to relay that the principle of a Proposed Transaction has been agreed between Pathfinder and General Jacinto Veloso who, with his family interests, is a 50 per cent shareholder in the entity to which the Licence is currently registered. In parallel, the Board is evaluating, and is in active discussions with regards to, potential funding strategies (including both partnerships and debt provision) to facilitate the Proposed Transaction and finance subsequent development of the Licence. The Board's objective is to deliver meaningful value to current shareholders and minimise future dilution. Further updates will be provided as and when appropriate.\n \nThe Licence contains the Moebase and Naburi heavy mineral sands deposits previously licensed to the Company under Mining Concessions 760C and 4623C. The amalgamated Licence covers approximately 32000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, containing ilmenite, rutile and zircon.\n \nUpdated Scoping Study\n \nThe Board commissioned an independent technical consultant, 2M Mineral Services Limited, to prepare a revised Scoping Study on the Licence (the \"2019 Report\"), which includes a revision of the capital and operating costs and pricing assumptions that were presented in the URS/Scott Wilson 2011 scoping study report (the \"2011 Report\"). This revision has resulted in an estimated pre-tax net present value (\"NPV\") at a 10 per cent discount rate of US$1.05 billion; with projected annual revenues o...