REG - Pembridge Resources - Statement re. Suspension

Pembridge ResourcesAnnouncement

18/05/2023 07:45

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RNS Number : 8619Z  Pembridge Resources plc  18 May 2023

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE MARKET
ABUSE REGULATION (EU) 596/2014 AS AMENDED BY REGULATION 11 OF THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

18 May 2023

 

Suspension of Listing and Proposed Voluntary Liquidation of Pembridge
Resources plc

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or
the "Company") announces that following consultation with the FCA, the Company
has requested the FCA to suspend the listing of its shares from 7.30 am on 18
May 2023.

The Company holds an investment of 11.1% in Minto Metals Corp ("Minto"), which
is the Company's main asset.  On 15 May the Company announced the suspension
of mining by Minto and the suspension of Minto's trading on the TSXV. Also,
the Company announced that that it was unlikely to receive C$2 million due
from Minto, of which C$250,000 was payable in instalments during 2023 and is
deemed critical to the Company cash flow over the next 12 months, and that it
was reviewing its ability to continue to trade as a going concern.

Further to the announcement made by the Company on 15 May 2023,  the Board of
Directors of the Company  met on 17 May 2023 and resolved in light of the
financial position of the Company, given the operational  suspension of the
Minto mine and suspension of trading in the Minto shares on the TSXV,  to
engage  insolvency advisers at Evelyn Partners LLP  and to commence  steps
to place the Company into Creditors' Voluntary Liquidation. A General Meeting
of the Company will be convened as soon as practicable to formally resolve
that the Company be wound up voluntarily.

A request has been made to the FCA to suspend trading of the Company's share
as of 18 May 2023.

Notwithstanding the suspension of trading in the Company's ordinary shares,
the Company will continue to make announcements as and when there are any
developments that require announcement in accordance with its obligations
under the Listing Rules, the UK Market Abuse Regulation and the Disclosure
Guidance and Transparency Rules.

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

 

Tavira Financial Ltd:
 
                        +44 (0)20 7100 5100

Jonathan Evans

 

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