London Stock Exchange listed Pathfinder Minerals PLC has raised GBP212,500 from its recent placing of 28.3 million shares.
The funds from the issue will provide the company with additional working capital as it pursues the recovery of its mining licences in Mozambique.
Pathfinder Minerals holds mining concessions in the Zambezia Province, covering approximately 32,000 hectares of land. Since February 2012, ownership of these licenses has been disputed.
The Mozambique focused miner said there had been ‘encouraging’ talks on an out-of-court agreement with government and General Jacinto Veloso which could result in the restoration of the licenses.
The company, awaits the decision as to whether the Mozambique Supreme Court would recognise the English High Court decision in 2012 that Pathfinder is the valid owner of Companhia Mineira de Naburi SARL, the entity from which the licences were appropriated.