Minto Metals Commences Trading on TSXV
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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