Pembridge Resources - Minto Acquisition Update
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Minto Acquisition Update
Since the June Announcement, market conditions have made it increasingly difficult to close the equity financing element of the Minto Acquisition on terms that would be favourable to all concerned parties.
Following this decision, Capstone has announced its intention to implement a phased care and maintenance programme at the Minto mine until the Minto Acquisition can be completed. As a consequence of this programme, underground production at the Minto mine will halt and Capstone will manage the site to ensure it remains in a safe and stable condition while Pembridge prepares a revised offer for Minto.
"Further to our announcements on 15 February and
Commitments for the significant majority of the financing are still in place, and we are in ongoing discussions with a number of parties to complete the final elements of a revised offer for Minto. Capstone and our off-take partners have been very supportive of the decision to restructure the terms of the Minto Acquisition. It is therefore anticipated that an amended agreement will be reached in the best interests of both Pembridge, Capstone and their respective shareholders in the near future."
The person who arranged for the release of this announcement on behalf of the Company was
Pembridge is a mining-focused special purpose acquisition company admitted to listing on the standard segment of the Official List by the
The Company's management is composed of a team of senior leaders with experience in various board and executive positions with a complementary mix of expertise in geology, engineering, project appraisal, and commercial development across a wide range of commodity groups and mining jurisdictions.
Minto is an open pit and underground copper-gold-silver mine located in central
This information is provided by RNS, the news service of the
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