Rambler Metals & Mining PLC Progress Update on Debt Financing (2808K)
August 31 2021 - 11:56AM
UK Regulatory
TIDMRMM
RNS Number : 2808K
Rambler Metals & Mining PLC
31 August 2021
31 August 2021
Progress Update on Debt Financing
London, England, Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company"), a
copper and gold producer, explorer and developer, today announces a
further progress update on the debt financing previously announced
on 30 June 2021.
Technical due diligence has been satisfactorily completed by
Newgen Resource Lending Inc. ("NewGen") and both parties are
working to finalise the legal documents including the loan
agreement and ancillary documents, and to complete the standard
closing process such as encumbrance and lien searches, and
registration of security. The closing of this debt financing was
scheduled to occur at the end of August 2021 and is now expected to
close on or before 30 September 2021.
The proceeds of this financing will be used to continue funding
mine development including contractor development required to set
up the Lower Footwall Zone, which will support operations for the
balance of 2021 into 2022 and beyond, to repay outstanding
indebtedness, and to provide additional working capital.
Toby Bradbury, CEO commented:
"Rambler is looking forward to the finalisation of the debt
financing arrangement with NewGen, which will allow the Company to
focus on the opportunities and upside identified in the ongoing
mine development. By the end of the fourth quarter of this year,
sustainable access to multiple mining headings will be created,
significantly reducing mining risks and providing for improved
operational and financial performance."
Market Abuse Regulation (MAR) Disclosure
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') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in November
2012 brought its first mine into commercial production. The group
has a 100% 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.
Rambler's focus is to regain its production profile at 1,350
metric tonnes per day at 2% copper in the course of 2021 and
evaluate expansion opportunities from that base.
Along with the Ming Mine, Rambler also owns 100% of the former
producing Little Deer and Whales Back copper mines.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
Toby Bradbury Eason Chen T im Sanford. P. Eng.
President and CEO CFO Vice President and
Rambler Metals & Mining Rambler Metals & Mining Corporate Secretary
Plc Plc Rambler Metals & Mining
Tel No: +44 (0) 20 8652-2700 Tel No: +44 (0) 20 Plc
Fax No: +44 (0) 20 8652-2719 7096 0662 Tel No: +1 (709) 532
Fax No: +44 (0) 20 5736
8609 0313 Fax No: +1 (709) 8
00 1 921
Nominated Advisor (NOMAD)
Ewan Leggat, Caroline
Rowe
SP Angel Corporate Finance
LLP
Tel No: +44 (0) 20 3470
0470
Website: www.ramblermines.com
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END
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