Pembridge Resources - UK mining company with investments in British Columbia - Agrees with convertible loan note holders to extend term to May 31 2025. Extension refers to USD3 million capital raising in June 2021 through 14% convertible loan notes which was used to buy shares in Minto Metals Corp. Says interest payments will remain at 14% per annum payable around May 31 each year.
Agreement grants Pembridge the right to defer interest payments should its cash position not allow. Agrees to pay any accrued interest up to January 31 this month from existing cash resources.
Chief Executive and Chair Gati Al-Jebouri says: "We are very grateful to our lenders for their patience and support. This agreement keeps Pembridge in a liquid position so that we can continue to work on generating value for all Pembridge stakeholders."
Current stock price: 1.88 pence, up 4.4%
12-month change: down 54%
By Jeremy Cutler, Alliance News reporter
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