Pembridge Resources plc Amendment to Shareholders Agreement Executed (6152R)
01 Julho 2020 - 3:00AM
UK Regulatory
TIDMPERE
RNS Number : 6152R
Pembridge Resources plc
01 July 2020
1 July 2020
Amendment to Shareholders Agreement Executed
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") signs Amendment to Minto
Explorations Ltd. ("Minto") Shareholders Agreement on 30 June 2020
to remove direct ongoing Pembridge financial commitments of US
$6.4M and up to US $22.1M and for Minto to issue new shares in
Minto to the value of US $3 million resulting in dilution of
Pembridge interest in Minto from 33% to 11% .
The Company is pleased to announce that the agreement to
restructure interests in Minto between its investors, previously
announced on 6th April 2020, has been finalised and executed. The
final agreement remains as described on 6th April and provides
Minto with US $3M of cash investment to support its current cash
requirements. This also assists Pembridge's liquidity in the
current unprecedented market conditions by relieving the Company of
significant future financial obligations amounting to US $6.4M and
up to US $22.1M .
As a result of the new investment into Minto by the other
shareholders, Pembridge's economic interest in Minto will be
reduced from 33% to 11%. In accordance with the Shareholders
Agreement signed at the time of the Minto acquisition, all land
staked by Pembridge has now been transferred to Minto Explorations
Ltd.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"I am pleased that the restructuring of our financial
obligations is finally in place and that Minto will receive a
capital inflow of US $3M to support the financial position of
Minto. This helps both Minto and Pembridge to maintain operations
despite the challenges caused by Covid-19. Unfortunately,
Pembridge's economic interest in Minto has been diluted from 33% to
11%, but we will maintain 11% of an operating copper business."
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 Explorations 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRSDMFWSESSEIM
(END) Dow Jones Newswires
July 01, 2020 02:00 ET (06:00 GMT)
Pembridge Resources (LSE:PERE)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Pembridge Resources (LSE:PERE)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024