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Minto Acquisition Update

11 Oct 2018 14:07

RNS Number : 7785D
Pembridge Resources plc
11 October 2018
 

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

11 October 2018

Minto Acquisition Update

 

London, United Kingdom - Pembridge Resources plc (LSE:PERE) ("Pembridge" or the "Company"), announces that further to the announcements released by the Company on 15 February 2018 (the "February Announcement") and 11 June 2018 (the "June Announcement"), which disclosed the proposed acquisition of Minto Explorations Limited ("Minto") (the "Minto Acquisition"), the Company has determined that a renegotiation of the acquisition terms with Capstone Mining Corporation ("Capstone") is necessary to ensure the best possible outcome for Pembridge and its shareholders.

Since the June Announcement, market conditions have made it increasingly difficult to close the equity financing element of the Minto Acquisition on terms that would be favourable to all concerned parties.

Following this decision, Capstone has announced its intention to implement a phased care and maintenance programme at the Minto mine until the Minto Acquisition can be completed. As a consequence of this programme, underground production at the Minto mine will halt and Capstone will manage the site to ensure it remains in a safe and stable condition while Pembridge prepares a revised offer for Minto.

David Linsley, Chief Executive Officer of Pembridge Resources commented:

"Further to our announcements on 15 February and 11 June 2018, the Pembridge team has worked tirelessly to complete the Minto Acquisition, however the equity and commodity markets have been extremely challenging.

Commitments for the significant majority of the financing are still in place, and we are in ongoing discussions with a number of parties to complete the final elements of a revised offer for Minto. Capstone and our off-take partners have been very supportive of the decision to restructure the terms of the Minto Acquisition. It is therefore anticipated that an amended agreement will be reached in the best interests of both Pembridge, Capstone and their respective shareholders in the near future."

The person who arranged for the release of this announcement on behalf of the Company was David Linsley, Chief Executive Officer. 

 

ENDS

 

 

About Pembridge Resources plc

Pembridge is a mining-focused special purpose acquisition company admitted to listing on the standard segment of the Official List by the United Kingdom Financial Conduct Authority and to trading on the main market for listed securities of London Stock Exchange plc.

The Company's management is composed of a team of senior leaders with experience in various board and executive positions with a complementary mix of expertise in geology, engineering, project appraisal, and commercial development across a wide range of commodity groups and mining jurisdictions.

About Minto

Minto is an open pit and underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. The Minto mine has been in continuous production since 2007 and is presently the only operating mine in Yukon territory. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began some 12 years ago.

Enquiries:

Pembridge Resources plc: +44 20 7917 2968

David Linsley, Chief Executive Officer

Paul Fenby, Chief Financial Officer

 

GMP Securities - Canada: +1 416 367 8600

Michael Barman

 

SI Capital - United Kingdom: +44 14 8341 3500

Nick Emerson

 

Tavistock Communications: +44 20 7920 3150

Charles Vivian

Gareth Tredway

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQLFLFFVBFFFBV
Date   Source Headline
12th Jun 20233:42 pmRNSCreditors’ Voluntary Liquidation
7th Jun 202311:01 amRNSTrading in Minto Shares Ceased
24th May 20235:22 pmRNSGeneral Meeting
18th May 20237:36 amRNSStatement re. Suspension
18th May 20237:30 amRNSSuspension - Pembridge Resources plc
16th May 20233:44 pmRNSMinto Directors
15th May 20235:45 pmRNSMinto Shares Suspended
15th May 20237:00 amRNSMinto Suspension of Operations
2nd May 20237:00 amRNSMinto Updates and New Terms Agreed with Pembridge
28th Apr 20237:00 amRNSAnnual Financial Report
27th Apr 202312:50 pmRNSMinto Q1 Production
20th Apr 202312:42 pmRNSYukon Inspector Direction
12th Apr 202311:54 amRNSMinto Exploration Result
6th Apr 202311:48 amRNSMinto - Financial and Production Results for 2022
16th Mar 20232:04 pmRNSMinto Skagway Port Developments
2nd Mar 20237:00 amRNSExtension to the CLN Term
28th Feb 202311:52 amRNSMinto Drilling Results
23rd Feb 202311:52 amRNSMinto Production for 2022
2nd Feb 202311:48 amRNSMinto Drilling Update
6th Jan 20237:09 amRNSMinto Receivable Update
20th Dec 202211:49 amRNSMinto Magnetotellurics survey
30th Nov 202211:43 amRNSMinto Announces Automatic Share Purchase
24th Nov 20229:51 amRNSDirector/PDMR Shareholding
18th Nov 20227:00 amRNSLoan Renewed
17th Nov 202211:47 amRNSMinto Q3 Results
20th Oct 202212:01 pmRNSMinto Exploration Results
13th Oct 20227:00 amRNSMinto Receipt Update
12th Oct 202211:38 amRNSMinto Q3 Production
13th Sep 20227:00 amRNSMinto Reclamation Costs Security
8th Sep 202210:33 amRNSHalf-year Report
23rd Aug 202211:40 amRNSMinto Metals Q2 Results
25th Jul 202212:33 pmRNSDirector/PDMR Shareholding
19th Jul 202211:42 amRNSMinto Q2 Production
4th Jul 20223:27 pmRNSHolding(s) in Company
30th Jun 20227:00 amRNSMinto Loan Repayment Received
29th Jun 202211:39 amRNSMinto AGM
23rd Jun 20227:00 amRNSResult of AGM
22nd Jun 202210:33 amRNSHolding(s) in Company
14th Jun 202211:54 amRNSChange of Registered Office
8th Jun 20225:35 pmRNSHolding(s) in Company
31st May 20227:00 amRNSIssue of Equity
26th May 202212:21 pmRNSMinto Q1 2022 Results
26th May 202212:06 pmRNSMinto Q1 2022 Results
23rd May 20225:01 pmRNSHolding(s) in Company
20th May 20221:43 pmRNSHolding(s) in Company
17th May 202211:45 amRNS4 Year Concentrate Offtake at Minto
29th Apr 20227:00 amRNSAnnual Financial Report
28th Apr 202211:31 amRNSMinto Drill Results
6th Apr 20224:22 pmRNSMinto Production Q1 2022
1st Apr 20228:04 amRNSMinto Full Year Results 2021

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