25 May 2012

Pathfinder makes AIM comeback

17/01/2011 Robert Tyerman

Mozambique-focused titanium play IM Minerals plans to tap AIM for £525,000 after reversing into suspended Pathfinder Minerals (PFP). Under the proposals, IM, set up in 2008 with an exploration licence and a mining licence for Concession 760C in the former Portuguese African colony, will raise the money as Pathfinder at a lowly 4.75p a share to value the Watford-based company at £38 milliion and help fund development of its titanium prospects.

Daniel Stewart is broker and nominated adviser to Pathfinder, which began life as Pathfinder Properties and floated on AIM 14 yeares ago at 17p a share. Existing Pathfinder director NicholasTrew is to become chief executive officer of the new Pathfinder MInerals, with an 11.17 per cent stake in the tightly-held company, while proposed new non-executive chairman, financier John McKeon, will hold nearly 15 per cent.

Former Mozambique government minister Major General Jacinto Veloso and his family will have almost 14 per cent, engineer Diogo Cavaco will hold nearly 11 per cent and proposed non-executive director Timothy Baldwin will have 14.2 per cent. The shares are likely to have speculative appeal.        

Tags: AIM market, Mozambique, Titanium

Sector: Mining

Companies: Pathfinder Minerals (suspended on 11 November 2011)

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