Copper Producing mine: Current MC less than 10m16 Dec 2019 09:47
Shares in issue: 68,720,947
Current Price: 14p
MC: £9,620,932
11 December 2019
Pembridge Resources plc
Publication of Prospectus and Results of Placing
The Company is pleased to announce today the publication of its Prospectus relating to the placing to certain institutional investors (the "Placing") and Re-admission, and that it has raised a total GBP2,500,000 (net of expenses) (the "Net Placing Proceeds") pursuant to the Placing of 20,800,000 Ordinary Shares (the "Placing Shares") at a price of 12.5 pence per Placing Share. Brandon Hill Capital Limited acted as sole bookrunner in connection with the Placing. The expenses of the Placing will be borne by the Company in full.
Pembridge will use the Net Placing Proceeds (GBP2.5 million) and the proceeds of Facility A of the Convertible Loan Agreement, as announced on 30 October 2019, (GBP1.0 million) to loan Minto Explorations Limited ("Minto"), GBP2.3 million, to be held in restricted cash for collateral towards a surety bond, and the remainder will be allocated towards general and administrative functions at its office in London and to cover the costs of Re-admission.
In accordance with the FCA's Disclosure Guidance and Transparency Rules (the "DTRs"), the Company hereby confirms that at the time of Re-admission, the Enlarged Issued Share Capital will comprise in aggregate 68,720,947 Ordinary Shares in issue, which includes 22,384,925 existing Ordinary Shares in issue as at the date of this announcement, 25,536,021 Other Subscription Shares and 20,800,000 Placing Shares, none of which are held in treasury. Therefore, following Re-admission the total number of voting rights in the Company will be 68,720,947.
The above figure of 68,720,947 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.
Applications will be made for the Enlarged Issued Share Capital to be admitted to the Official List of the FCA by way of a Standard Listing and to trading on the Main Market of the London Stock Exchange. It is expected that Re-admission will become effective, and that unconditional dealings in the Ordinary Shares will commence, at 8:00 a.m. on 16 December 2019.
https://www.lse.co.uk/rns/PERE/publication-of-prospectus-and-results-of-placing-yk885yyclw11yru.html