My b2evolution Version: 1.10.x

I added the author and issue time to my blog posts without problem using the following code:

<?php 
		
			//author and issue time added by Skeene
			
			$Item->author( array(
         	'before' => T_('By').' <strong>',
         	'after' => '</strong>',
      		) ); 
      		$Item->issue_time( array(
  			'before'    => ' &nbsp;&nbsp;',
  			'after'     => ' ',
  			) );
      	?>

Now I'm wondering how I can format the time, eg I want it to display 9:58 instead of 09:58:10 and preferably with an am or pm symbol. Any help greatly appreciated.