Published: June 14, 2023 at 12:03 p.m. ET
By Michael Susin
Pathfinder Minerals said late Wednesday that it will receive an initial consideration regarding the disposal of its subsidiary IM Minerals from Acumen Advisory Group.
The London-listed mining company said that Acumen’s U.K. legal counsel has received approximately 1.1 million pounds ($1.4 million) into its client account,…
By Michael Susin
Pathfinder Minerals said late Wednesday that it will receive an initial consideration regarding the disposal of its subsidiary IM Minerals from Acumen Advisory Group.
The London-listed mining company said that Acumen’s U.K. legal counsel has received approximately 1.1 million pounds ($1.4 million) into its client account, which will be used, together with additional funds to be received, to satisfy the initial consideration and “facilitate completion of the disposal.”
Pathfinder agreed in March to sell its 100%-owned subsidiary IM Minerals to Acumen for GBP2 million. However, the board said in May that it was in doubt about its ability to continue if the sale wasn’t completed.
Following the deal, the company has a binding agreement with Acumen that the latter will progress a legal claim against the government of Mozambique, from which, if successful, Pathfinder will receive a substantial contingent payment, it said.
Write to Michael Susin at [email protected]