TIDMPERE
RNS Number : 3958Z
Pembridge Resources plc
15 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.
15 May 2023
Suspension of Operations at Minto & Update on Financial
Position of Pembridge Resources Plc
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") announces the following news.
Minto Metals Corp. ("Minto") has announced the Suspension of
Operations at the Minto Mine as of 13 May 2023 and the Company has
been informed by Minto that it is unlikely to be in a position to
repay the Company approximately C$2 million ("Minto Receivable"),
C$250,000 of which is payable in instalments during the remainder
of 2023, unless Minto raises capital in the near term.
The Minto Receivable is considered critical to the cash flow of
the Company for the next 12 months as the Company has approximately
US$350,000 of short-term liabilities and US$126,000 of cash as at
today. The investment in Minto and the Minto Receivable represent
over 90% of the Company's assets. The Board of Directors of the
Company have started a process of assessing the ability of the
Company to continue as a going concern together with a review of
all available options given the difficult financial position of the
Company following the recent announcement made by Minto.
The Board will consider all possible sources of financing to
enable the Company to continue as a going concern but if none are
available in the immediate term professional advice will be
obtained on whether delisting from the London Stock Exchange is
appropriate and the restructuring/insolvency options that are
available.
Gati Al-Jebouri has resigned from his position of Director and
Chairman of the Audit Committee of Minto as of 12 May 2023 due to
the conflict of interest arising from the fact that the Company has
a claim against Minto as described above.
The full press release from Minto relating to Suspension of
Operations is available at the following link.
http://www.rns-pdf.londonstockexchange.com/rns/3958Z_1-2023-5-15.pdf
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"It is very disappointing that Minto has been unable to raise
capital and that Minto has suspended operations as of 13 May 2023.
Minto is unlikely to be able to repay Pembridge as scheduled,
despite all the support provided to Minto by its shareholders,
including Pembridge.
As a result of this material uncertainty to the Company, the
Board has no option but to carefully assess the financial viability
of the Company, consider delisting from the London Stock Exchange
as well as obtaining appropriate professional advice on the
restructuring and insolvency options available. The Board will
consider every feasible option available to ensure that any losses
are minimised for all creditors and other stakeholders of the
Company."
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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END
MSCEASSSFDADEEA
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May 15, 2023 02:00 ET (06:00 GMT)
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