21st Jun 2018 11:04
LONDON (Alliance News) - Pembridge Resources PLC said on Thursday it has started its roadshow to raise USD40 million through a placing of shares at an indicative price of 50 pence per share following a 10 into 1 share consolidation.
Shares in the miner are currently suspended.
Proceeds will go towards the acquisition of Minto Explorations Ltd, which holds the Minto copper-gold-silver mine in Yukon, Canada from Capstone Mining Corp for USD37.5 million and a 9.9% stake in the enlarged capital of Pembridge, via a reverse takeover.
Proceeds also will fund future work at the mine to extend its life, raise productivity and profitability.
Arden Partners PLC and FirstEnergy Capital LLP have been appointed as bookrunners for the placing.
"Further to our announcement on February 15, and after securing the recent offtake finance agreement with a leading Japanese trading house as announced on June 11, we are delighted to move to the final phase in this financing process and commence our roadshow in connection with the proposed placing. Interest in an equity placing has been strong and we are confident that the proposed placing will be well received given the tremendous value the acquisition of Minto will bring to Pembridge," said Chief Executive Officer David Linsley.
Related Shares:
PERE.L