(Alliance News) - Pembridge Resources PLC on Thursday requested the suspension of its shares with immediate effect after reviewing its "ability to continue to trade as a going concern."
As a result, the mining company with investments in British Columbia, Canada has engaged insolvency advisers at Evelyn Partners to commence steps to place the firm into creditors' voluntary liquidation.
The company took the step after announcing on May 15 that it was unlikely to receive CAD2 million due from Minto Metals Corp, the company's main asset.
Pembridge also announced on that date the suspension of mining by Minto, in which it holds a 11% stake, and the suspension of Minto's trading on the TSXV.
Of the CAD2 million due, CAD250,000 was payable during 2023 and was deemed "critical" to the company's cash flow over the next 12 months.
A general meeting of the company will be convened as soon as practicable to formally resolve that the company be wound up voluntarily.
Shares were suspended in London on Thursday at a price of 20 pence per share.
By Jeremy Cutler, Alliance News reporter
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