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Pembridge Resources PLC on Friday said a new loan agreement has been agreed with the company's Chair and Chief Executive Gati Al-Jebouri.
The new loan is set to be repaid by December 2025, with an interest of 14% per year.
Al-Jebouri lent the London-based mining investment firm £3.6 million between 2019 and 2021, and these loans will mature at the end of 2022.
Pembridge said the balance of these loans, combined with accrued drawdown fees and interest at November 17, was £5 million.
The company is to repay £280,261 of this to Al-Jebouri. The remaining balance is now the subject of a new loan agreement that the independent members of the board have reviewed and approved.
‘I have supported financially Pembridge since taking over as chair and CEO of the company, and believe that this new loan arrangement is confirmation of my ongoing support for the company,’ Al-Jebouri said.
Pembridge shares were up 2.4% to 2.10 pence on Friday afternoon in London.
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