Pembridge Resources plc Minto Acquisition Update (7785D)
11 Octubre 2018 - 8:07AM
UK Regulatory
TIDMPERE
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
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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
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(END) Dow Jones Newswires
October 11, 2018 09:07 ET (13:07 GMT)
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