Pembridge has been unsuccessful in completing the financing required to complete the transaction.
Capstone Mining (TSX:CS) and Pembridge Resources have elected to terminate the agreement for the sale of the Minto mine in Yukon, Canada.
As quoted in the press release:
Due to unfavourable equity market conditions, Pembridge has been unsuccessful in completing the financing required to complete the transaction. Additionally, to preserve Minto’s value, Capstone is putting Minto on temporary care and maintenance, while continuing to explore value maximizing alternatives, including discussions with Pembridge and other potentially interested parties.
Capstone said that mining operations will cease imminently with milling operations expected to be completed in the next few weeks once the current ore stockpile is processed.