The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
There’s life in this old girl yet! Holding for the big one.
Its been looking likely for months, but still we wait. Patience required, but we will get there eventually....
RNS Highlights
· Profit for the year of US$20,580,000 (based on exceptional non-cash gains) (2019 - loss of US$11,193,000)
· Basic earnings per share of 24.4c (2019 - loss per share 15.8c)
· Net assets at 31 December 2021 of $10,894,000 (2020 - net liabilities $10,958,000)
· Minto Metals Corp. ("Minto") is listed on the TSX Venture Exchange ("TSXV")
Post Year End
· Raised £160,000 through a placing in January 2022
· Received first quarterly repayment of C$1m from Minto in March 2022; further repayments due in throughout 2022.
The operating profit for the year of $21,225,000 comprised exceptional gains of $18,571,000 resulting from the assumption of Pembridge's liability to Capstone by Minto as part of Minto's listing and reverse takeover process; a gain on mark-to-market revaluation of the Company's investment in Minto of US$3,800,000; and administrative costs of $1,146,000. The operating loss in 2020 of $10,954,000 comprised an exceptional expense of US$9,369,000 on revaluing the present value of the Capstone liability and administrative costs of US$1,585,000.
TWENTY MILLION PROFIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Follow the money.
But this will pay off massively. Stupidly undervalued. Still holding tight for 13p plus. GLA.
Great interview, nothing but positive from Gati. PERE will find its true value soon.
We'll get there in the end - just need lots and lots of patience with PERE.
PERE is considering increasing its portfolio of projects over the next several years via investment in opportunities that offer attractive returns and can be brought into cashflow in the near term
New projects are to be considered in copper mining, gold mining, oil and gas and renewable energy sectors, at varying stages of development. The Company has already commenced this process with several projects under review
Cashflow of C$4 million from Minto is to be received over 4 equal quarterly payments during 2022. This is repayment of the surety bond financing provided by Pembridge at time of acquisition of Minto. In addition, when Minto decides to pay dividends to its shareholders from the free cashflow generated from operations, Pembridge will be receiving 11.2% of such dividend payments
Minto cashflow will be used to support raising finance for new projects to be included in
the Pembridge portfolio
Accordingly, the Company has begun to identify new projects that can deliver further value to its shareholders. Also, the Company expects to receive C$4,000,000 from Minto during 2022, with first payment of C$1,000,000 at or around the end of Q1 2022, being the repayment of historic advances by Pembridge into the surety account.
Further cashflows are expected into the Company in due course as dividends based on its 11.2% economic interest in Minto. Pembridge's proportional share of the overall project cashflows from the current mine life at Minto, based on its shareholding, are expected to be US$18M to US$30.2M (assuming copper price range of US$3.10 to US$3.75 per tonne). Combined, these cashflows are expected to provide significant funding to advance any additional projects brought into the Pembridge portfolio.
The latest presentation is available on the Company's website at https://www.pembridgeresources.com/
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"This is an exciting time for Pembridge. Having achieved what we set out to do with our investment in Minto Metals Corp. we are now in a position to consider the future of Pembridge itself. Our single asset portfolio is a very strong basis for growing Pembridge and the time has come to identify and negotiate new investments.
In the Investor Presentation that we have released today, we clearly set out the potential that our investment in Minto Metals gives us and our intention to seek opportunities in the copper mining, gold mining, oil and gas and renewable energy sectors. I look forward to updating the market on progress of all our discussions and in particular as soon as we identify a project that meets our investment criteria."
Pembridge Raises £400,000 to advance evaluation of new projects
and
Release of new corporate presentation
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce that it has raised a total of £400,000 through a subscription of £320,000 ("Subscription") and issue of a convertible loan for £80,000 ("CL").
The Subscription
The Company has raised £320,000 at a subscription price of 5p through the issue of 6,400,000 new ordinary shares of 1p in the Company ("Subscription Shares"). The Company anticipates that admission of the New Ordinary Shares will occur in two separate tranches according to available headroom.
An application has been made for 3,200,000 New Ordinary Shares to be admitted to trading on the official list and the London Stock Exchange with effect from 8.00 a.m. on 23 December 2021 ("Admission").
The Company anticipates that the admission of the balance of the Subscription Shares will be at or around 14 January 2022. A further announcement will be made with regard to the admission of the balance of 3,200,000 Subscription Shares.
Convertible Loan
The Company has raised £80,000 through the issue of a CL to Gati Al-Jebouri, the Company's Chief Executive Officer and Chairman. This loan carries no interest and is to be converted to new ordinary shares of the Company at an exercise price of 5p on or shortly after 17 May 2022.
Use of Proceeds
The proceeds of the Subscription and the CL will be used to evaluate new projects and for general working capital. The Company set out its strategy in 2019 as follows:
1. Strengthen Pembridge so that it can meet its financial obligations until cash inflows commence from the Minto mine ("Minto");
2. Bring Minto into operation, establish its management team and confirm in a in a new 43-101 technical report that the life of the mine can be extended to 8 years;
3. Provide Minto with the capital needed to implement improvements, expand exploration and increase production; and
4. Identify new projects that the Company could invest in.
Following the recent Minto Metals Corp listing on the TSXV and capital raise for that transaction, the Company now believes that Minto is in a robust position and that the first three phases of the strategy outlined above have been fulfilled.
Accordingly, the Company has begun to identify new projects that can deliver further value to its shareholders. Also, the Company expects to receive C$4,000,000 from Minto during 2022, with first payment of
TOAD AKA FIREANT.
Great post Appletree1, completely agree.
100k buy
15.9p
1 December 2021
Minto Metals Shares Commences Trading on TSXV
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce that the shares of the newly formed Minto Metals Corp. ("Minto Metals") have commenced trading on the TSX Venture Exchange ("TSXV") under the symbol "MNTO" on 29 November 2021.
On 30 November 2021, Minto Metals share price closed at C$2.95, a 13.5% premium to the C$2.60 share price at which Minto Metals raised C$31 million prior to the reverse take-over process, previously announced. The market value of Minto Metals at the close on 30 November 2021 was C$213.85 million (£126.1 million at exchange rate of 1.696).
At the market close in Toronto yesterday, the 11.2% Pembridge holding in Minto Metals was valued at £14.1 million. which is equal to £0.159 per undiluted Pembridge share based on the Company's issued share capital of 88,965,516 shares or 122,220,856 on a fully diluted basis.
As a result of the part of the reverse take-over process that formed Minto Metals, the Shareholder's Agreement between Pembridge and the other owners of Minto Explorations Ltd. has been terminated and Pembridge and Minto Metals have executed the Future Expenditures Agreement ("FEA").
As a result of the FEA, Minto Metals now assumes the obligations of Pembridge with respect to all outstanding Capstone payments arising under the Share Purchase Agreement for the acquisition of Minto Exploration Ltd. (now renamed to Minto Metals Corp.).
Pembridge continues to remain active in the management of Minto Metals as its Chairman and CEO, Gati Al-Jebouri, is now a director of Minto Metals and chairman of the Audit Committee of Minto Metals.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"We are delighted to have reached the end of this multi-stage process that has led to the Minto mine becoming a publicly traded company in its own right, having re-started its operations two years ago. It has taken a lot of work and co-operation from the management of Minto Metals, its advisors and our fellow investors in the business, which is highly appreciated by us. We are grateful to the Selkirk First Nation Leadership and the Yukon Government for the ongoing support of Minto Metals and look forward to continuing to grow the business for the benefit of all stakeholders.
Now that the Minto Metals shares are traded on TSXV, we hope that the market will quickly recognise the inherent value of Pembridge's holding in Minto Metals and the Minto operations generally."
Decent buys going through. This will rerate, just needs patience....
100% upside here at least. True bagger in the waiting...
We are blue. Herd arrival imminent.