Pembridge Resources PLC (LSE:PERE) said the reverse takeover to form Minto Metals Corp (TSX-V:MNTO) is complete.
Pembridge will have an 11.2% stake in the TSX-venture-quoted mining group worth C$20.1mln based on the listing price. The stock will begin trading on November 29 or earlier.
The complex reverse take-over (RTO) transaction brought in C$31mln of new funding that will be invested into the Minto Mine that gives the new company its name.
The underground copper-gold-silver operation is based in central Yukon, some 240 kilometres north of the capital Whitehorse along the Klondike Highway.
In excess of US$350mln of capital expenditure has been invested into Minto since site construction began in 2006.
Put on care and maintenance, work recommenced over two years ago under Pembridge’s ownership.
"This process has been complex, comprising several steps, and we are very pleased that we now have the RTO that formed Minto Metals Corp complete and its listing on TSXV imminent," said Pembridge chairman and chief executive, Gati Al-Jebouri.
“We are proud to have been part of re-starting the Minto mine and this new structure is what the mine needs to continue its development.
“When the Minto Metals shares are traded on TSXV, we hope that the market will recognise the value of Pembridge's holding."
Al-Jebouri will have a seat on the new Minto board and chair the audit committee.