Pembridge Resources plc First Consideration Payment to Capstone (2089U)
April 01 2021 - 1:00AM
UK Regulatory
TIDMPERE
RNS Number : 2089U
Pembridge Resources plc
01 April 2021
1 April 2021
First Consideration Payment to Capstone
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that the
first payment of US$5 million of the purchase price for the
acquisition of Minto Explorations Ltd. ("Minto") from Capstone
Mining Corp. ("Capstone") has been made.
This payment comes in accordance with the Share Purchase
Agreement between Pembridge and Capstone, dated 3 June 2019, the
purchase price for the acquisition of Minto is defined as US$5
million payable by 31 March 2021 plus an additional up to US$15
million payable subject to copper price levels as set out an RNS
dated 4 June 2019. On 29 June 2020 the Amended and Restated
Shareholders' Agreement ("Agreement") between the Company and its
fellow investors in Minto was signed as set out an RNS dated 1 July
2020. As per the Agreement, Minto shall pay the deferred
consideration payments to Capstone on behalf of Pembridge and the
first payment of US$5 million noted above was made by Minto on 30
March 2021.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"The Minto operations have developed significantly since the
acquisition of Minto in June 2019 and have withstood the challenges
posed to it over the last 18 months by the Covid-19 pandemic and
resulting market conditions. The support from the Yukon government
and the leadership of the Selkirk First Nation, on whose ground
Minto is located, have played an important part in ensuring the
success of Minto. The strong support of all the shareholders in
Minto and the commitment of the Minto team operating the mine have
ensured that today Minto is in a position to pay the first part of
the deferred purchase price. I have every confidence that we are
now on a secure path of growth and more successes for our
investment in Minto."
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 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
About Pembridge Resources plc
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 Explorations Ltd, a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
About Minto Explorations Limited
Minto 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
Minto from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0) 20 7917 2968
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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END
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