Pembridge Resources plc Subscription and Variation to Loan (2159K)
20 Abril 2020 - 8:08AM
UK Regulatory
TIDMPERE
RNS Number : 2159K
Pembridge Resources plc
20 April 2020
20 April 2020
Subscription to raise GBP633,000 and Variation to the
Convertible Loan Agreement
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce a
subscription and variation to a convertible loan.
Subscription to raise GBP633,000 at 3.3p per share
As a consequence of the COVID-19 pandemic and its subsequent,
impact on the global economy, the management of the Company has
been working during this difficult time to ensure it is in a stable
and healthy financial position. To that end, on 16 April 2020 the
Board of Directors approved the issuance and allotment of
19,183,179 new ordinary shares ("Subscription Shares") at price of
3.3p each ("Subscription Price"), raising gross proceeds of
GBP633,000 ("Subscription"). The Subscription Price is 20% above
the closing mid-market price as at 17 April 2020 and reflects the
confidence of the subscribers to continue supporting the Company at
this time.
Director Subscriptions
Director Current Holding Subscription % Holding following
Shares Subscription and Admission
Gati Al-Jebouri 11,667,496 11,758,938 28.4%
---------------- ------------- ----------------------------
Frank McAllister 3,451,419 1,212,121 5.7%
---------------- ------------- ----------------------------
Application to LSE
The Company intends to issue the Subscription Shares under its
existing authorities and an application has been made to the London
Stock Exchange for Subscription Shares, which rank pari passu with
the Company's existing issued ordinary shares, to be admitted to
trading on the LSE. Dealings are expected to commence from 8.00
a.m. on 23 April 2020 ("Admission").
The Company's issued ordinary share capital following Admission
will be 82,414,493 ordinary shares.
The above figure of 82,414,493 ordinary shares may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company and
the FCA's Disclosure and Transparency Rules.
Variation of the Convertible Loan Agreement
As announced on 30 October 2019 and 14 February 2020, the
Company entered into a Convertible Loan Agreement (the "Convertible
Loan Agreement") with it's Chairman and Chief Executive Officer,
Gati Al-Jebouri, to borrow up to GBP3,700,000 in three tranches .
As of today's date, the Company has borrowed GBP2,950,000 under
this Convertible Loan Agreement. The Company has agreed changes to
the terms of the Convertible Loan Agreement as follows:
-- removing the right of Mr. Al-Jebouri to convert any of the loans to shares in the Company;
-- the maturity date of the loans has been extended from 25
October 2021 to 31 December 2022. The extension in maturity
corresponds with the Company's expectations with regard to inflow
of funds from Minto Explorations Ltd to the Company; and
-- In consideration for these changes, the Company has agreed to
increase the interest rate on the loan from 8% to 10% with effect
from 1(st) May 2020, with the accumulated interest to be paid only
at the maturity date of the loan with no interim payments.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"This additional equity capital will strengthen the Company and
reduce the requirement to draw down further on the convertible
loan. Moreover, the Subscription at a premium to the market price
highlights the continued confidence of the Board and some of its
largest shareholders in the Company. We believe that we can rebuild
shareholder value from these depressed levels, especially given we
have now strengthened the financial condition of the Company.
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
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 Exploration Ltd, a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
Enquiries:
Pembridge Resources plc: +44 (0) 20 7917 2968
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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April 20, 2020 07:08 ET (11:08 GMT)
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