Pembridge Resources PLC - miner with interest in Minto copper-gold-silver project in Yukon, Canada - Says it is now fully funded for the next 2 years, therefore, it has agreed that it no longer needs to draw down any further on loan facility agreed with Chair & Chief Executive Gati Al-Jebouri.
In mid-February 2020, Al-Jebouri committed to providing a facility to the company of up to GBP2.0 million through a convertible loan, which incurred interest of 10% per annum and is repayable on December 31, 2022.
Since agreeing the facility, Pembridge has withdrawn GBP1.7 million. The firm notes the facility has been amended, giving the facility a maximum draw down of GBP1.7 million - being the current outstanding balance - thus no further funds shall be drawn down.
Current stock price: 6.50 pence
Year-to-date change: up 25%
By Paul McGowan; paulmcgowan@alliancenews.com
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