Rambler Metals & Mining PLC Close of US$11 Million Private Placement Financing (6526R)
March 01 2019 - 10:50AM
UK Regulatory
TIDMRMM
RNS Number : 6526R
Rambler Metals & Mining PLC
01 March 2019
1 March 2019
Rambler Closes US$11 Million Private Placement Financing
London, England - Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc (AIM: RMM) (Rambler or the Company) is
pleased to announce that, following receipt of the necessary
shareholder approvals at the Company's extraordinary general
meeting on 28 February 2019 and further to the Company's news
release dated 28 January 2019, it has closed its previously
announced private placement of approximately US$11 million
(GBP8,396,946.56) by way of an issuance of 599,781,897 new ordinary
shares in the capital of Rambler at a subscription price of
GBP0.014 / US$0.018 per ordinary share at an agreed exchange rate
of GBP1:US$1.31 (the Subscription) to CE Mining III Rambler Limited
(CEIII), Aether Real Assets Co--Investment I, L.P. (Aether) and
Lombard Odier Asset Management (Europe) Limited, acting in its
capacity as discretionary investment manager or sub--adviser for
and on behalf of certain funds and accounts managed by it and / or
as agent of Lombard Odier Asset Management (USA) Corp (LOAM USA)
acting in its capacity as discretionary investment manager for and
on behalf of certain funds and accounts managed by it (LOAME and,
together with CEIII and Aether, the Subscribers).
As further described in the Company's news release of 28 January
2019, the proceeds of the Subscription will be used for working
capital purposes, to repay the US$1 million unsecured loan owing to
CEIII (as announced on 15 January 2019) and any accrued but unpaid
interest thereon and to fund matters approved by the board of
directors of the Company.
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 listed in London under AIM: RMM.
For further information, please contact:
Norman Williams, CPA,CA Peter Mercer, P. Geo
President and CEO Vice President, Corporate
Rambler Metals & Mining Secretary
Plc Rambler Metals & Mining Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20 8652-2700
Fax No: 709-800-1921 Fax No: +44 (0) 20 8652-2719
Nominated Adviser (NOMAD)
David Porter, Peter Malovany
Cantor Fitzgerald Europe
Tel No: +44 (0) 20 7894
7000
Website: www.ramblermines.com
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.
Caution Regarding Forward Looking Statements:
Certain information included in this press release constitutes
"forward-looking statements". Such forward-looking statements
include, without limitation, statements regarding the Company's
expected use of the funds made available under the Subscription,
statements and information relating to future financial or
operational performance and other statements that express the
expectations of management or estimates of future performance.
Where the Company expresses or implies an expectation or belief as
to future events or results, such expectation or belief are based
on assumptions made in good faith and believed to have a reasonable
basis. Such assumptions include, without limitation, the price of
and anticipated costs of recovery of, copper concentrate, gold and
silver, the presence of and continuity of such minerals at modeled
grades and values, the capacities of various machinery and
equipment, the availability of personnel, machinery and equipment
at estimated prices, mineral recovery rates, the availability of
capital, and others. 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 tonne of ore; variances in ore grade or recovery
rates from those assumed in mining plans; mineral reserves and/or
resources; 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; and the availability to the
Company of financing and credit alternatives and access to capital.
Accordingly, undue reliance should not be placed on forward-looking
statements and the forward-looking statements contained in this
press 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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