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Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Pathfinder announces that it has entered into an agreement to conditionally raise £300,000 before expenses by way of a placing of 60,000,000 new Ordinary shares of 0.01 pence each ( Ordinary Shares ) at a price of 0.50 pence per share ( Placing Shares ) (the Placing ). The net proceeds will provide the Company with additional working capital as it pursues the recovery of its mining licences in Mozambique. Further to the RNS announcements of 16 December 2020 ( Bilateral Investment Treaty Claim - Legal Opinion ), 30 November 2020 ( Recovery of Costs Awards ) and 2 November 2020 ( Company Strategy Update ), the Board believes Pathfinder now has the necessary tools in place to enable it to monetise the licences either through a litigation funded legal claim against the Government of Mozambique or, should a diplomatic resolution be achieved, through the development of the project by a strategic partner. Either outcome should, if achieved, result
Zoltav (AIM: ZOL), the Russia-focused oil and gas exploration and production company, provides a corporate update following a review by the board of directors, in consultation with the Company s major shareholders, of the strategic options available to the Company to secure long-term value from the Company s Bortovoy Licence, its sole producing asset.
As previously announced, the two currently producing western fields on the Bortovoy Licence are in natural decline and an ongoing capital investment programme has been required, and will continue to be required, in order to sustain production and commercialise the remaining reserves. The board has determined, following a technical and economic feasibility study, that developing the eastern fields, where there remain substantial undeveloped reserves, by connecting them to the Western Gas Plant and expanding the plant s capacity, will be necessary in order to deliver long-term value from the asset.
Pathfinder announces the following update in relation to a possible claim against the Government of Mozambique under the Mozambique - United Kingdom Bilateral Investment Treaty (2004) ( BIT ). Pathfinder announced on 2 November 2020 that, should the Company be unable to resolve its dispute with the Government of Mozambique over the unlawful transfer of mining concession 4623C (the Licence ) (the areas under which were previously licensed to the Company under mining concessions 760C and 4623C) to an unconnected company, the Board intends to seek recourse to the BIT with the support of litigation funders. As part of this strategy, the Board commissioned, and received on 10 December 2020, an updated legal opinion (the Opinion ) from Samuel Wordsworth QC of Essex Court Chambers on the prospects of successfully establishing liability against the Government of Mozambique in a BIT claim against the Government of Mozambique in respect of the Licence. The O