TIDMPERE
RNS Number : 0153W
Pembridge Resources plc
17 December 2021
17 December 2021
Pembridge Raises GBP400,000 to advance evaluation of new
projects
and
Release of new corporate presentation
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED
BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that it has
raised a total of GBP400,000 through a subscription of GBP320,000
("Subscription") and issue of a convertible loan for GBP80,000
("CL").
The Subscription
The Company has raised GBP320,000 at a subscription price of 5p
through the issue of 6,400,000 new ordinary shares of 1p in the
Company ("Subscription Shares"). The Company anticipates that
admission of the New Ordinary Shares will occur in two separate
tranches according to available headroom.
An application has been made for 3,200,000 New Ordinary Shares
to be admitted to trading on the official list and the London Stock
Exchange with effect from 8.00 a.m. on 23 December 2021
("Admission").
The Company anticipates that the admission of the balance of the
Subscription Shares will be at or around 14 January 2022. A further
announcement will be made with regard to the admission of the
balance of 3,200,000 Subscription Shares.
Convertible Loan
The Company has raised GBP80,000 through the issue of a CL to
Gati Al-Jebouri , the Company's Chief Executive Officer and
Chairman . This loan carries no interest and is to be converted to
new ordinary shares of the Company at an exercise price of 5p on or
shortly after 17 May 2022.
Use of Proceeds
The proceeds of the Subscription and the CL will be used to
evaluate new projects and for general working capital. The Company
set out its strategy in 2019 as follows:
1. Strengthen Pembridge so that it can meet its financial
obligations until cash inflows commence from the Minto mine
("Minto");
2. Bring Minto into operation, establish its management team and
confirm in a in a new 43-101 technical report that the life of the
mine can be extended to 8 years;
3. Provide Minto with the capital needed to implement
improvements, expand exploration and increase production; and
4. Identify new projects that the Company could invest in.
Following the recent Minto Metals Corp listing on the TSXV and
capital raise for that transaction, the Company now believes that
Minto is in a robust position and that the first three phases of
the strategy outlined above have been fulfilled.
Accordingly, the Company has begun to identify new projects that
can deliver further value to its shareholders. Also, the Company
expects to receive C$4,000,000 from Minto during 2022, with first
payment of C$1,000,000 at or around the end of Q1 2022, being the
repayment of historic advances by Pembridge into the surety
account.
Further cashflows are expected into the Company in due course as
dividends based on its 11.2% economic interest in Minto.
Pembridge's proportional share of the overall project cashflows
from the current mine life at Minto, based on its shareholding, are
expected to be US$18M to US$30.2M (assuming copper price range of
US$3.10 to US$3.75 per tonne). Combined, these cashflows are
expected to provide significant funding to advance any additional
projects brought into the Pembridge portfolio.
The latest presentation is available on the Company's website at
https://www.pembridgeresources.com/
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"This is an exciting time for Pembridge. Having achieved what we
set out to do with our investment in Minto Metals Corp. we are now
in a position to consider the future of Pembridge itself. Our
single asset portfolio is a very strong basis for growing Pembridge
and the time has come to identify and negotiate new
investments.
In the Investor Presentation that we have released today, we
clearly set out the potential that our investment in Minto Metals
gives us and our intention to seek opportunities in the copper
mining, gold mining, oil and gas and renewable energy sectors. I
look forward to updating the market on progress of all our
discussions and in particular as soon as we identify a project that
meets our investment criteria."
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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