RNS 16/6/2118 Aug 2021 09:42
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"This go-public RTO represents the next chapter in the Minto story and an opportunity for new investors to get involved in a growing business. Minto's value has been shown by the recently published NI 43-101 Preliminary Economic Assessment Technical Report, which confirms an 8 year life of mine with potential for further extension. At current copper prices the economic model prepared as part of the NI 43-101 PEA, supports the expected market capitalization of Minto Metals of more than CAD$200 million after the capital raise. Good progress has already been made at Minto and the RTO and associated Minto capital raise will help achieve the further expansion of the mine life, thus revealing the full value of the mine. I strongly believe having 100% of the Minto mine listed on a public exchange should help remove the current disconnect between the Pembridge share price and the materially higher underlying value of Minto."
The Private Placement is expected to close in July 2021 and the RTO is expected to be completed in the third quarter of 2021 and final application for the listing of the Resulting Issuer shares on the TSXV will be submitted immediately thereafter. The common shares of the Resulting Issuer will commence trading shortly after the application has been approved.