StockMarketWire.com - Pembridge Resources said it had agreed to acquire the Minto gold and copper mine in Canada from Capstone Mining for up to $20m.

The companies had a agreed on the deal via a share purchase agreement that replaced an agreement they had signed back in February.

The up to $20m was payable to Capstone out of future cash flows and realisations from Minto, and based on certain hurdles linked to production levels and future copper prices.

In addition, financing of $10m to fund the recommencement of operations had been secured from Copper Holdings.

Pembridge Resources said it expected to recommence commercial production at Minto during the fourth quarter 2019.




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