The Conversation (0)
Capstone Mining Corp. (“Capstone” or the “Company”) (TSX: CS) has entered into a definitive share purchase agreement (the “Agreement”) pursuant to which it has agreed to sell its Minto Mine to Pembridge Resources plc (“Pembridge”) (LON: PERE) (the “Transaction”). Under the terms of the Agreement, Capstone will receive US$37.5 million in cash, plus working capital adjustments, and …
Capstone Mining Corp. (“Capstone” or the “Company”) (TSX: CS) has entered into a definitive share purchase agreement (the “Agreement”) pursuant to which it has agreed to sell its Minto Mine to Pembridge Resources plc (“Pembridge”) (LON: PERE) (the “Transaction”). Under the terms of the Agreement, Capstone will receive US$37.5 million in cash, plus working capital adjustments, and common shares representing 9.9% of the issued and outstanding shares of Pembridge upon completion of the Transaction.
As quoted in the press release:
“The divestiture of Minto will allow us to focus our resources on opportunities that will have a more meaningful impact on the long-term growth of the company,” said Darren Pylot, President and Chief Executive Officer of Capstone. “This agreement is consistent with our continuing efforts to deliver shareholder value by focusing on our core assets and allows us to further strengthen our balance sheet. Minto has been an important part of the development of Capstone and we are optimistic for the future of Minto under Pembridge’s stewardship.”
