Pathfinder Minerals PLC - AIM-listed cash shell seeking reverse takeover - Agrees to new deferred consideration payment terms for the sale of IM Minerals Ltd. The sale of IM Minerals to Acumen Advisory Group LLC back in July included the right to bring a claim against the Mozambique government for the expropriation of a Pathfinder mining concession. As a contingent payment, AAG was to pay Pathfinder the greater of USD30 million or 25% of the amount received for the claim. However, AAG informed Pathfinder it "contemplated not complying" with the terms. To avoid possible default, Pathfinder agrees that the payment will be based solely on a sliding scale of 22.5% to 40% of the amount received from the claim. It notes the new agreement gives AAG more incentive to pursue the claim.
"I am pleased that the claim has been submitted and the process is now fully underway," says Pathfinder Executive Director Paul Barrett. "There were commercial wrinkles in the original agreement with AAG which have now been ironed out, and we look forward to the claim progressing though the system and rewarding shareholders for their patience in this matter."
Back in November, Pathfinder agreed to buy Rome Resources Ltd in a reverse takeover that involves an equity raise and relisting on AIM in London. Rome Resources has option agreements to acquire 51% indirect interests in two contiguous properties located in the North Kivu province of eastern Democratic Republic of Congo that are prospective for tin.
By Tom Waite, Alliance News editor
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