(Alliance News) - Pembridge Resources PLC on Wednesday said it has raised GBP2.5 million through the placing of 20.8 million shares at 12.5 pence per share.
Shares in the mining company are currently suspended, but last traded at 1.27p.
The base metals developer intends to use the placing proceeds to partly fund the GBP2.3 million loan to Minto Explorations Ltd which will be held in restricted cash for collateral towards a surety bond. The remaining proceeds will be allocated towards general and administarative functions at the company's London office and covering the costs of re-admission to the London Stock Exchange.
Pembridge says that following readmission, the company's share capital will be comprised of 68.7 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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