LSE-listed Pembridge Resources intends to raise £570 000 to finance its operations without requiring any additional financing to cover its current operational costs.
The company’s board has reviewed its projected costs and income for the next two years, which includes the C$4-million lent to Minto Explorations during 2019 and 2020 as funding of the surety account relating to the environmental surety bond entered into at the time of acquiring Minto.
Minto is expected to start repaying the loan by no later than the first quarter of 2022.
The subscription is expected to provide Pembridge with the ability to continue operating until 2022, as well as the ability to actively evaluate and seek new investment opportunities, Pembridge CEO Gati Al-Jebouri said.
Miner Pembridge Resources has an investment in Minto Explorations, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.