Business
Entry into revised SPA for sale of IM Minerals
Entry into revised SPA for sale of IM Minerals.
About this update from Rome Resources Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation\n \n28 July 2023\n \nPathfinder Minerals Plc\n(\"Pathfinder\" or the \"Company\")\n \nEntry into revised SPA for sale of IM Minerals\n \nPathfinder Minerals Plc, the Southern Africa focused natural resource company, is pleased to announce it has entered into a revised sale and purchase agreement (\"Revised SPA\") with Acumen Advisory Group LLC (\"AAG) in respect of the disposal of IM Minerals Limited (\"IMM\") (the \"Disposal\") and, with it, the rights to bring a claim against the Government of Mozambique for the expropriation of Mining Concession 4623C (the \"Claim\").\n \nHighlights\n \n· Pursuant to the Revised SPA, Pathfinder will receive:\no a larger contingent payment of the greater of US$30 million (previously US$24 million) or 25% (previously 20%) of the aggregate amount payable on settlement or determination of the Claim; and \no an initial consideration of £1 million (previously £2 million) on completion of the Revised SPA (\"Completion\"), with such funds having already been deposited in full in the Company's solicitor's client account\n· All other material terms of the SPA remain as previously announced in the 25 May 2023 circular available on the Company's website at www.pathfinderminerals.com\n \nCompletion of the Revised SPA (\"Completion\") is conditional upon shareholder approval being received at a general meeting of the Company (the \"General Meeting\"), in line with AIM Rule 15, for the disposal of IMM, to be held on or before 31 August 2023, with Completion due on the date falling two business days from the passing of the requisite resolution (or on such other date as is agreed in writing by the Company and AAG). A further announcement will be made by the Company upon publication of the necessary circular and notice of General Meeting.\n \nDennis Edmonds, Chairman, commented:\n \n\"The new consideration structure better reflects the long-term potential value of the Claim while providing shareholders confidence that we can, subject to shareholder approval, complete the Disposal in the knowledge that the full funds are alr...