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Alliance News

Pembridge Resources Completes Private Placement; Minto Update Soon (ALLISS)

Wed, 12th Jun 2019 19:11

(Alliance News) - Pembridge Resources PLC said Wednesday it has completed its non-brokered private placement.

The miner said it received GBP450,000 in subscriptions at 16 pence per share.

Pembridge Resources shares are currently suspended in London.

The company added that the expiry date of the warrants it issued in 2017 has been extended to the end of 2019.

Pembridge Resources raised GBP2.5 million from a placing and subscription of about 156.3 million shares as a price of 1.60 pence in the summer of 2017, with each share being attached with one warrant that can be exercised at a price of 3.2 pence each.

Additionally, the company said it will update the market on its operational and exploration strategies at recent acquisition Minto Explorations Ltd in "due course".

Last Tuesday, Pembridge Resources signed a definitive purchase agreement and closed the acquisition of Minto for USD20 million.

The USD20 million consideration is payable out of future cash flows and realisations from Minto, which includes the Minto copper-gold-silver mine in the central Yukon in Canada.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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