REG - Pembridge Resources - Minto Metals Commences Trading on TSXV

Pembridge ResourcesAnnouncement

01/12/2021 14:30

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RNS Number : 1904U  Pembridge Resources plc  01 December 2021

 

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."

 

Cautionary Statement

This News Release includes certain "forward-looking statements" which are not
comprised of historical facts. Forward-looking statements include estimates
and statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company, or management, expects a
stated condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking statements
are based on assumptions and address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management's
expectations. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward-looking information in
this news release includes, but is not limited to, the Company's intentions
regarding its objectives, goals or future plans and statements. Factors that
could cause actual results to differ materially from such forward-looking
information include, but are not limited to, the Company's ability to predict
or counteract the potential impact of COVID-19 coronavirus on factors relevant
to the Company's business, failure to identify additional mineral resources,
failure to convert estimated mineral resources to reserves with more advanced
studies, the inability to eventually complete a feasibility study which could
support a production decision, the preliminary nature of metallurgical test
results may not be representative of the deposit as a whole, delays in
obtaining or failures to obtain required governmental, environmental or other
project approvals, political risks, uncertainties relating to the availability
and costs of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects, capital, operating and reclamation costs
varying significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set out in the
Company's public documents. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information in this news
release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time
frames or at all. The Company disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.

 

ENDS

 

NOTES TO EDITORS

Pembridge is a mining company that is listed on the standard segment of the
Official List of the FCA and trading on the main market for listed securities
of London Stock Exchange plc. Pembridge has an investment in Minto Metals
Corp, a British Columbia incorporated business listed on the TSX Venture
Exchange under the symbol "MNTO" that operates the Minto mine in Yukon,
Canada.

About Minto Metals Corp

Minto Metals Corp operates the underground copper-gold-silver mine located in
central Yukon, approximately 240 kilometres north of the capital Whitehorse
along the Klondike Highway. In excess of US$350 million of capital expenditure
has been invested into Minto operations since site construction began in 2006.
The Minto mine was in continuous production between 2007 and 2018, when the
mine was placed onto temporary care and maintenance. Pembridge acquired the
Minto mine from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.

Enquiries:

 

Pembridge Resources plc:
 
+44 (0)7905 125740

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

 

Brandon Hill Capital - United Kingdom:
                                      +44
(0)20 3463 5016

Jonathan Evans

 

 

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