(Alliance News) - Pembridge Resources PLC said Monday it will start a roadshow to raise between GBP3 million and GBP5 million through a proposed placing.
Proceeds will go towards financing an inter-company loan of GBP2.3 million to Minto Explorations Ltd, which is held in restricted cash for collateral towards a surety bond.
Minto Explorations operates the underground copper-gold-silver mine in Yukon, Canada.
The remainder will be for its office in London and covering the costs of readmission to the London Stock Exchange. The placing has been priced at 12.5 pence per share.
Shares in the base metals developer are currently suspended but last traded at 1.275p.
Pembridge has appointed Brandon Hill Capital as sole bookrunner, and expects the placing to be completed in the next two weeks.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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