Pembridge Resources PLC - London-based investor in Minto Explorations Ltd - Raises GBP320,000 through a subscription of 6.4 million shares at a price of 5 pence per share, and has raised GBP80,000 through the issue of a convertible loan note to CEO and Chair Gati Al-Jebouri.
Proceeds from the loan note and subscription will go towards bolstering the company's balance sheet until cash inflows start from the Minto mine. In addition, funds will be used to be the Minto mine into operation and identify new projects which the company can invest in.
Looking ahead, company expects to receive CAD4.0 million from Minto during 2022, with the first CAD1.0 million payment expected at or around the end of the first quarter.
"This is an exciting time for Pembridge. Having achieved what we set out to do with our investment in Minto Metals Corp. we are now in a position to consider the future of Pembridge itself. Our single asset portfolio is a very strong basis for growing Pembridge and the time has come to identify and negotiate new investments," Al-Jebouri said.
Current stock price: 5.10 pence
Year-to-date change: down 1.9%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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