08:08 Mon 20 Apr 2020
Pembridge Resources - Subscription and Variation to Loan
Subscription to raise
Subscription to raise
As a consequence of the COVID-19 pandemic and its subsequent, impact on the global economy, the management of the Company has been working during this difficult time to ensure it is in a stable and healthy financial position. To that end, on
Director Subscriptions
Director |
|
Subscription Shares |
% Holding following Subscription and Admission |
|
11,667,496 |
11,758,938 |
28.4% |
|
3,451,419 |
1,212,121 |
5.7% |
Application to LSE
The Company intends to issue the Subscription Shares under its existing authorities and an application has been made to the
The Company's issued ordinary share capital following Admission will be 82,414,493 ordinary shares.
The above figure of 82,414,493 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company and the
Variation of the Convertible Loan Agreement
As announced on
· removing the right of
· the maturity date of the loans has been extended from
· In consideration for these changes, the Company has agreed to increase the interest rate on the loan from 8% to 10% with effect from 1st
"This additional equity capital will strengthen the Company and reduce the requirement to draw down further on the convertible loan. Moreover, the Subscription at a premium to the market price highlights the continued confidence of the Board and some of its largest shareholders in the Company. We believe that we can rebuild shareholder value from these depressed levels, especially given we have now strengthened the financial condition of the Company.
ENDS
NOTES TO EDITORS
About
Pembridge is a mining company that is listed on the standard segment of the Official List of the
Enquiries:
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board
David James, Chief Financial Officer
Jonathan Evans
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