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Pembridge Resources enters convertible loan agreement with boss

The miner will immediately receive £1mln to be used for “general working capital purposes”, with the option to receive an extra £700,000

Pembridge Resources - Pembridge Resources enters loan agreement
The agreement was inked with its chief executive and chairman Gati Al-Jebouri

Pembridge Resources PLC (LON:PERE) announced late on Tuesday that it has entered a convertible loan agreement with its chief executive and chairman Gati Al-Jebouri.

The miner said it will immediately receive £1mln to be used for “general working capital purposes”, with the option to receive an extra £700,000 over the lender’s discretion, both at an annual interest rate of 8%.

READ: Pembridge Resources reveals Minto mine is back in production

Both sums will have to be repaid in full, with any accrued and unpaid interest, by 25 October 2021, while the lender may choose to cancel the loan at any time.

Al-Jebouri will be able to convert the money into ordinary shares which would be issued at 12.5p each, provided the whole issue remains below 29.9% value of the company.

Quick facts: Pembridge Resources

Price: 1.275 GBX

LSE:PERE
Market: LSE
Market Cap: £2.85 m
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