Rambler Metals & Mining PLC Announces Convertible Loan Note Financing Close
LONDON, December 7, 2018 - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) (Rambler or the Company) is pleased to announce that on November 26, 2018 it closed its previously announced financing transaction with CE Mining III Rambler Limited (the Investor) of US$2 million in the form of senior secured convertible loan notes (the Loan Notes). Additional details on the terms on the Loan Notes can be found in the Company's news release dated November 26, 2018.
The proceeds received from the issuance of the Loan Notes will be used by the Company to strengthen its working capital position and for general corporate purposes.
The ordinary shares issued pursuant to conversion of the Loan Notes will be subject to hold periods imposed in accordance with the policies of the TSX Venture Exchange and applicable securities laws which expire four months from the date of the closing. The Investor will also receive an arrangement fee equal to 2% of the principal value of the Loan Notes, which will be payable in cash to the Investor by December 31, 2018.
This announcement has been posted on the Company's website at www.ramblermines.com and will be posted under the Company's SEDAR profile at www.sedar.com.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development company that in November 2012 brought its first mine into commercial production. Rambler has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.
Following the completion of its recent productivity improvement initiative Rambler's focus is on sustaining mine and mill production at 1,250 metric tonnes per day. With a return to profitability and positive cash flow, Rambler will continue advancing Phase III engineering studies with a view to further increase production to 2,000 mtpd at the Ming Mine.
Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investment in the former producing Hammerdown gold mine.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.
For further information, please contact:
Norman Williams, CPA,CA
President and CEO
Tel No: 709-800-1929
Fax No: 709-800-1921
Vice President, Corporate Secretary
Tel No: +44 (0) 20 8652-2700
Fax No: +44 (0) 20 8652-2719
Nominated Adviser (NOMAD)
David Porter, Peter Malovany
Cantor Fitzgerald Europe
Tel No: +44 (0) 20 7894 7000
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Statements:
Certain information included in this news release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding the proposed use of proceeds and statements regarding expected mine and mill production. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results, estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable law.
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SOURCE: Rambler Metals and Mining plc