16th Dec 2019 13:19
(Alliance News) - Pembridge Resources PLC said Monday its shares have been re-admitted to the London Stock Exchange after being suspended following the reverse takeover of Minto Explorations Ltd.
Shares in the miner were trading at 13.85 pence on Monday, having last closed at 1.275p in February 2018.
Pembridge bought Minto for GBP20 million in June 2019, which owns an underground copper-gold-silver mine in central Yukon, Canada, in June and restarted mining there in October.
The company recently completed a GBP2.5 million placing, which is being used to partly fund the GBP2.3 million loan to Minto which will be held in restricted cash for collateral towards a surety bond. The remaining proceeds will be allocated towards general and administarative functions at the company's London office and covering the costs of re-admission to the Main Market.
By Paul McGowan; [email protected]
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