Variation to a Loan Facility

RNS Number : 0650M

Pembridge Resources plc

18 January 2021

 

18 January 2021

Variation to a Loan Facility

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") announces a change to its loan facility.

As previously noted in the RNS on 14 February 2020, the Company's Chairman and CEO, Gati Al-Jebouri, committed to providing a facility to the Company of up to £2,000,000 through a convertible loan which was referred to as Facility C which incurred interest of 10% per annum and is repayable on 31 December 2022.   

The Company has since drawn down £1,730,000 from Facility C. Also, since commencing Facility C, Mr. Al-Jebouri has participated in two separate equity capital raises and contributed £123,792 in May 2020 and £120,000 in January 2021. 

Following the closing of the recent equity raise, the Company is now fully funded for the next 2 years, therefore, it has agreed that it no longer needs to draw down any further on Facility C. The Company and Mr. Al-Jebouri have duly agreed to vary Facility C to a maximum draw down of £1,730,000 being the current outstanding balance thus no further funds shall be drawn down.

ENDS

NOTES TO EDITORS

About Pembridge Resources plc

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 Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.

Enquiries:

Pembridge Resources plc:   [phone]

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Brandon Hill Capital - United Kingdom:   [phone]

Jonathan Evans

 

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