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15.9p
1 December 2021
Minto Metals Shares Commences Trading on TSXV
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce that the shares of the newly formed Minto Metals Corp. ("Minto Metals") have commenced trading on the TSX Venture Exchange ("TSXV") under the symbol "MNTO" on 29 November 2021.
On 30 November 2021, Minto Metals share price closed at C$2.95, a 13.5% premium to the C$2.60 share price at which Minto Metals raised C$31 million prior to the reverse take-over process, previously announced. The market value of Minto Metals at the close on 30 November 2021 was C$213.85 million (£126.1 million at exchange rate of 1.696).
At the market close in Toronto yesterday, the 11.2% Pembridge holding in Minto Metals was valued at £14.1 million. which is equal to £0.159 per undiluted Pembridge share based on the Company's issued share capital of 88,965,516 shares or 122,220,856 on a fully diluted basis.
As a result of the part of the reverse take-over process that formed Minto Metals, the Shareholder's Agreement between Pembridge and the other owners of Minto Explorations Ltd. has been terminated and Pembridge and Minto Metals have executed the Future Expenditures Agreement ("FEA").
As a result of the FEA, Minto Metals now assumes the obligations of Pembridge with respect to all outstanding Capstone payments arising under the Share Purchase Agreement for the acquisition of Minto Exploration Ltd. (now renamed to Minto Metals Corp.).
Pembridge continues to remain active in the management of Minto Metals as its Chairman and CEO, Gati Al-Jebouri, is now a director of Minto Metals and chairman of the Audit Committee of Minto Metals.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"We are delighted to have reached the end of this multi-stage process that has led to the Minto mine becoming a publicly traded company in its own right, having re-started its operations two years ago. It has taken a lot of work and co-operation from the management of Minto Metals, its advisors and our fellow investors in the business, which is highly appreciated by us. We are grateful to the Selkirk First Nation Leadership and the Yukon Government for the ongoing support of Minto Metals and look forward to continuing to grow the business for the benefit of all stakeholders.
Now that the Minto Metals shares are traded on TSXV, we hope that the market will quickly recognise the inherent value of Pembridge's holding in Minto Metals and the Minto operations generally."