Signing of Share Purchase Agreement

RNS Number : 0899G

Pembridge Resources PLC

24 May 2017

 

24th May 2017

Pembridge Resources Plc

("Pembridge" or "the Company")

Signing of Share Purchase Agreement

Pembridge Resources plc (LON: PERE), the AIM listed natural resource exploration and development company, today announces that a Share Purchase Agreement (SPA) has been signed between Pembridge Resources (the Seller) and Global Exploration Technologies PTY ltd ("GET") (the Buyer) for the sale of the Botswana assets currently held by PERE.

Further to the RNS on 1 February 2017, Pembridge has sold its 48.88 per cent shareholding for a consideration of £150,000 payable in cash to GET for five exploration licences in the Kalahari Copper Belt in Botswana held through three local subsidiary companies. The proceeds will be used to fund normal working capital.

David Linsley, CEO, Stated:

"Although excellent exploration licenses, we feel that these Botswana assets are too early stage for Pembridge and, with the minority shareholding, did not fit in with the company strategy that we are pursuing..

"Pembridge has an attractive pipeline of more advance stage projects management is pursuing which we are confident can deliver excellent value for our shareholders."

 For further information on the Company, visit: http://www.pembridgeresources.com/

Pembridge Resources PLC David Linsley, Chief Executive Officer	T: [phone]
SPARK Advisory Partners - Nominated Adviser Sean Wyndham-Quin Neil Baldwin	T: [phone] www.sparkadvisorypartners.com
Shard Capital - Joint Broker                          Damon Heath    SI Capital Limited - Joint Broker Nick Emerson Andy Thacker	T: [phone] T: [phone]
Beaufort Securities Limited - Joint Broker Zoe Alexander	T: [phone]
Blytheweigh - Financial PR Tim Blythe, Camilla Horsfall, Nick Elwes	T: [phone]

 

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