TIDMPERE
RNS Number : 1904U
Pembridge Resources plc
01 December 2021
1 December 2021
Minto Metals Shares Commences Trading on TSXV
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that the
shares of the newly formed Minto Metals Corp. ("Minto Metals") have
commenced trading on the TSX Venture Exchange ("TSXV") under the
symbol "MNTO" on 29 November 2021.
On 30 November 2021, Minto Metals share price closed at C$2.95,
a 13.5% premium to the C$2.60 share price at which Minto Metals
raised C$31 million prior to the reverse take-over process,
previously announced. The market value of Minto Metals at the close
on 30 November 2021 was C$213.85 million (GBP126.1 million at
exchange rate of 1.696).
At the market close in Toronto yesterday, the 11.2% Pembridge
holding in Minto Metals was valued at GBP14.1 million. which is
equal to GBP0.159 per undiluted Pembridge share based on the
Company's issued share capital of 88,965,516 shares or 122,220,856
on a fully diluted basis.
As a result of the part of the reverse take-over process that
formed Minto Metals, the Shareholder's Agreement between Pembridge
and the other owners of Minto Explorations Ltd. has been terminated
and Pembridge and Minto Metals have executed the Future
Expenditures Agreement ("FEA").
As a result of the FEA, Minto Metals now assumes the obligations
of Pembridge with respect to all outstanding Capstone payments
arising under the Share Purchase Agreement for the acquisition of
Minto Exploration Ltd. (now renamed to Minto Metals Corp.).
Pembridge continues to remain active in the management of Minto
Metals as its Chairman and CEO, Gati Al-Jebouri, is now a director
of Minto Metals and chairman of the Audit Committee of Minto
Metals.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"We are delighted to have reached the end of this multi-stage
process that has led to the Minto mine becoming a publicly traded
company in its own right, having re-started its operations two
years ago. It has taken a lot of work and co-operation from the
management of Minto Metals, its advisors and our fellow investors
in the business, which is highly appreciated by us. We are grateful
to the Selkirk First Nation Leadership and the Yukon Government for
the ongoing support of Minto Metals and look forward to continuing
to grow the business for the benefit of all stakeholders.
Now that the Minto Metals shares are traded on TSXV, we hope
that the market will quickly recognise the inherent value of
Pembridge's holding in Minto Metals and the Minto operations
generally."
Cautionary Statement
This News Release includes certain "forward-looking statements"
which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company, or management, expects a stated condition
or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management's expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's intentions regarding its objectives,
goals or future plans and statements. Factors that could cause
actual results to differ materially from such forward-looking
information include, but are not limited to, the Company's ability
to predict or counteract the potential impact of COVID-19
coronavirus on factors relevant to the Company's business, failure
to identify additional mineral resources, failure to convert
estimated mineral resources to reserves with more advanced studies,
the inability to eventually complete a feasibility study which
could support a production decision, the preliminary nature of
metallurgical test results may not be representative of the deposit
as a whole, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, and those risks set out in the Company's public
documents. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
ENDS
NOTES TO EDITORS
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Metals Corp, a British
Columbia incorporated business listed on the TSX Venture Exchange
under the symbol "MNTO" that operates the Minto mine in Yukon,
Canada.
About Minto Metals Corp
Minto Metals Corp operates the underground copper-gold-silver
mine located in central Yukon, approximately 240 kilometres north
of the capital Whitehorse along the Klondike Highway. In excess of
US$350 million of capital expenditure has been invested into Minto
operations since site construction began in 2006. The Minto mine
was in continuous production between 2007 and 2018, when the mine
was placed onto temporary care and maintenance. Pembridge acquired
the Minto mine from Capstone Mining Corporation in June 2019 and
restarted operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0) 7905 125740
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
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END
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December 01, 2021 09:29 ET (14:29 GMT)
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