Business
Subscription to Raise ?11 million
Subscription to Raise ?11 million.
About this update from Rome Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5276K Pathfinder Minerals PLC 18 July 2011 \n \n\nEmbargoed: 0700hrs 18 July 2011\n \nPathfinder Minerals Plc\n(\"Pathfinder Minerals\" or the \"Company\")\n \nSubscription to Raise £11 million\n \nPathfinder Minerals Plc, the natural resources company with licences to mine heavy minerals sands in Mozambique, is pleased to announce that it has conditionally raised gross funds of £11 million via a Subscription (the \"Subscription\") for 220,000,000 new ordinary shares at 5 pence per share (the \"Subscription Shares\") by institutional investors. \n \nUse of funds\n \nThe net proceeds of the Subscription will be used to undertake the Feasibility Study and detailed engineering study work over the next 18 months leading up to bankable feasibility and the construction phase of the mine development, for which the Company is exploring a number of non-equity related sources of funding. \n \nThe Company's licensed area was originally issued to former subsidiary companies of BHP Billiton, which invested approximately US$29 million in geological exploration, metallurgical testwork and related engineering studies; and in the construction of a site camp, roads, bridges and an airstrip. Between 1996 and 1998 BHP Billiton's subsidiaries drilled and analysed the results of over 3,000 boreholes. Pathfinder Minerals will undertake a confirmatory drilling programme to twin a selection of drill holes to establish the validity of the historic database and to enhance the Company's understanding of the deposit, parts of which had been classified as a Measured Mineral Resource by BHP Billiton. \n \nThe sonic drilling programme will include sample collection, preparation and detailed analysis, expected to be carried out in South Africa and Australia, followed by metallurgical test work to examine the mineral split, process recoveries and final product qualities.\n \nThe feasibility programme will include studies on the environmental and social impacts, project infrastructure; and a full marketing study, examining the ilmenite, rutile and zircon markets and supply routes. \n \nJohn McKeon, Chairman of Pathfinder Minerals, commented:\n \n\"We are delighted to have received the financial backing of a number of high-calibre institutions which are as eager as we are to unlock the...