Pembridge Resources - Canada-focused mining company - Launches a subscription to raise GBP570,000 at 4p per share. Says Chief Executive Gati Al-Jebouri and non-executive director Guy Le Bel are participating in the subscription. Notes it also lent CAD4 million, or GBP2.3 million, to Minto Explorations Ltd during 2019 and 2020 as funding for the surety account relating to the environmental surety bond it entered into when it acquired Minto. Expects Minto to start repaying the loan no later than the first quarter of 2022.
"Although 2020 was a challenging year for us, as for many businesses, we have seen positive news from the Minto mine and expect to see much more in the coming year. However, Pembridge still needed funding, and this share issue is now expected to see the company safely into 2022, when its CAD4 million of funding to Minto is expected to be repaid. The funds from this latest subscription will also provide us with the ability to actively evaluate and seek new investment opportunities for our company," says Al-Jebouri.
Current stock price: 5.00 pence
Year-to-date change: down 3.9%
By Zoe Wickens; zoewickens@alliancenews.com
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