Pembridge Resources (PERE)

Sector:

Mining

 5.60p
   
  • Change Today:
      0.000p
  • 52 Week High: 15.50
  • 52 Week Low: 1.28
  • Currency: UK Pounds
  • Shares Issued: 292.57m
  • Volume: 9,127
  • Market Cap: £16.38m
  • RiskGrade: 385

Pembridge acquires cash-generating Canadian copper mine

By Duncan Ferris

Date: Thursday 15 Feb 2018

LONDON (ShareCast) - (ShareCast News) - Pembridge Resources announced on Thursday that it has struck a deal agreement to acquire 100% of Canada-based copper miner, with an associated $50m fundraising.
The acquisition of 100% of Minto Explorations from Capstone Mining will be completed for a total consideration of $37.5m in cash and new ordinary shares in Pembridge, meaning Capstone will own 9.9% of Pembridge shares after the deal has closed.

Minto, which is located in Yukon territory, Canada and has a 10-year production history, will Pembridge said will establish it as a cash-generating copper producer.

Fully listed Pembridge, which last year changed its name from China Africa Resources, has suspended the listing of its ordinary shares with immediate effect as the acquisition constitutes a reverse takeover. In connection with the acquisition, the London-listed company will seek to raise approximately $50m to fund the acquisition price and working and resource development capital.

David Linsley, chief executive of Pembridge, said: "The acquisition of Minto represents a transformational opportunity for Pembridge and its shareholders. Minto fits perfectly with the company's stated goal to acquire a producing and profitable mining operation to which our team can add further value."

Capstone's existing plan for the mine supports annual production averaging 50,000 tonnes of high quality copper concentrate containing 18,000 tonnes of copper, with gold and silver as by-products, capable of generating positive EBITDA and cash flow over the next four years.

In 2017, the mine produced 16,332 tonnes of copper, 170,809 ounces of silver and 25,205 ounces of gold with Capstone estimating 19,000 tonnes of copper in 2018.

"We believe Minto is an exceptional opportunity with the potential to benefit not only our shareholders but also the local and wider community for many years to come. We look forward to engaging with and working closely alongside the Selkirk First Nation, the various local communities, the Yukon government and the substantial workforce at the mine," said Linsley.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PERE Market Data

Currency UK Pounds
Share Price 5.60p
Change Today 0.000p
% Change 0.00 %
52 Week High 15.50
52 Week Low 1.28
Volume 9,127
Shares Issued 292.57m
Market Cap £16.38m
RiskGrade 385

PERE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
16.00% above the market average16.00% above the market average16.00% above the market average16.00% above the market average16.00% above the market average
44.64% below the sector average44.64% below the sector average44.64% below the sector average44.64% below the sector average44.64% below the sector average
Price Trend
99.69% above the market average99.69% above the market average99.69% above the market average99.69% above the market average99.69% above the market average
98.39% above the sector average98.39% above the sector average98.39% above the sector average98.39% above the sector average98.39% above the sector average
Income Not Available
Growth Not Available

PERE Dividends

No dividends found

Trades for 30-Mar-2020

Time Volume / Share Price
09:07 127 @ 5.52p
08:00 9,000 @ 5.58p

PERE Key Personnel

CEO Gati Al-Jebouri
CFO Paul Fenby

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