Business
Update Re Issue of Equity
Update Re Issue of Equity.
About this update from Rome Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2655O\n Pathfinder Minerals Plc\n 28 May 2020\n \n \n \n \n 28 May 2020\n \n \n Pathfinder Minerals Plc\n \n \n (\"Pathfinder\" or the \"Company\")\n \n \n \n \n \n Update Re Issue of Equity\n \n \n \n \n \n Further to the Issue of Equity announcement released by the Company on 11 May 2020, Pathfinder has agreed, following discussions with its broker, to amend the terms of the placing and subscription to align pricing closer to the Company's current share price. \n \n \n In aggregate, the same quantum of g\n ross proceeds of 250,000 is still to be raised via a placing and subscription, which will now be for 38,461,538 new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\"), reflecting an issue price of 0.65p per share (the \"Fundraise\"), being equal to the closing mid-market share price of the Company on 27 May 2020. \n \n \n \n \n \n As previously announced, the net proceeds will provide the Company with additional working capital to pursue the recovery of an interest in Mining Concession 4623C, as well as for general working capital purposes. When added to the expected cash inflow from the convertible loan note instrument announced on 3 April 2020, the Board believes the Company should have sufficient funds on its current cost basis to continue operations into 2021.\n \n \n \n \n \n Annual Broker Fees\n \n \n \n \n \n As previously announced, the Company has appointed Novum Securities Limited (\"Novum\") as its broker. The Company has agreed with Novum to settle its annual broking fee in advance through the issuance of 3,076,923 new Ordinary Shares to Novum (the \"Fee Shares\"). \n \n \n \n \n \n Admission to trading on AIM\n \n \n \n \n \n The Company will apply for the admission of the 38,461,538 new Ordinary Shares to be issued pursuant to the Fundraise (the \"Fundraise Shares\") and the 3,076,923 Fee Shares to trading on AIM and this is expected to take place on or around 3 June 2020 (\"Admission\"). \n \n \n \n \n \n Following Admission, the Company's issued share capital will consist of 360,223,831 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 360,223,831 may be used by shareholders as the denominator for the calculations by which they will determine if they are...