Pembridge Resources plc Subscription to raise GBP570,000 (9941K)
08 Janeiro 2021 - 4:00AM
UK Regulatory
TIDMPERE
RNS Number : 9941K
Pembridge Resources plc
08 January 2021
8 January 2021
Subscription to raise GBP570,000
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce a
subscription to raise GBP570,000 at 4p ("Subscription").
Subscription
Pembridge's Board has reviewed its projected costs and income
for the next two years and considered the steps needed to ensure it
is in a stable and healthy financial position for that two year
period. The Company has lent CAD $4 million to Minto Explorations
Ltd. ("Minto") during 2019 and 2020 as funding of the Surety
Account relating to the Environmental Surety Bond entered into at
the time of the acquisition of Minto and it is expected that Minto
will begin repayment of the loan no later than Q1 2022. This means
that, after this Subscription is completed and without any material
downward changes in the copper price, Pembridge will be in a
position to finance its operations without requiring any additional
financing to meet its current operational costs and those related
to maintaining a public company.
To that end, on 7 January 2021 the Board of Directors approved
the issuance and allotment of 14,250,000 new ordinary shares
("Subscription Shares") at price of 4.00p each ("Subscription
Price"), raising gross proceeds of GBP570,000 ("Subscription"), and
the issue of 308,793 further shares to satisfy a liability. The
Subscription Shares been subscribed for by existing shareholders
and Directors of the Company, which reflects the confidence of the
subscribers to continue supporting the Company. Directors of the
company participating in the subscription are as follows:
Director Subscriptions
Director Current Holding Subscription % Holding following
Shares Subscription and Admission
Gati Al-Jebouri 15,418,754 3,000,000 20.7%
---------------- ------------- ----------------------------
Guy Le Bel 2,823,545 250,000 3.5%
---------------- ------------- ----------------------------
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 13 January 2021 ("Admission").
The Company's issued ordinary share capital following Admission
will be 88,965,786 ordinary shares, which 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
under the FCA's Disclosure and Transparency Rules.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"Although 2020 was a challenging year for us, as for many
businesses, we have seen positive news from the Minto mine and
expect to see much more in the coming year. However, Pembridge
still needed funding, and this share issue is now expected to see
the company safely into 2022, when its CAD $4 million of funding to
Minto is expected to be repaid. The funds from this latest
subscription will also provide us with the ability to actively
evaluate and seek new investment opportunities for our
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 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
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END
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January 08, 2021 02:00 ET (07:00 GMT)
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