TIDMRMM
RNS Number : 6665Z
Rambler Metals & Mining PLC
14 January 2020
14 January 2020
Rambler Enters Into Financing Facility with its
Off-take Partner Transamine Trading S.A.
London, England - Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc, a Canadian copper and gold producer,
explorer and developer (AIM: RMM) ("Rambler" or the "Company")
reports that its operating subsidiary, Rambler Metals and Mining
Canada Limited ("Rambler Canada"), has entered into a Financing
Facility (the "Facility") with Transamine Trading S.A.
("Transamine").
Pursuant to the terms of the Facility, Transamine has agreed to
provide up to USD $2,000,000. The Facility accrues interest at a
rate of 7.00 per cent per annum. The Facility will be used for
working capital requirements as the Company consolidates the most
recent expansion at the Ming Mine to 1,350 tpd milled.
The Facility was made available on 24 December 2019 and shall be
repaid in nine (9) equal monthly installments of $222,000 plus
interest commencing 1 July 2020. As an additional consideration for
the Facility, Rambler Canada has also agreed to provide Transamine
an extension to the current offtake agreement pertaining to
concentrates covering an amount not less than 150,000 metric tonnes
of copper concentrate.
Rambler also wishes to announce the favorable re-negotiation of
terms on the re-payment of the outstanding balance of the previous
loan for USD $ 4,000,000 from Transamine, announced on 29 December
2017. , wherein Rambler commits to pay off the remainder of the
outstanding principal amount at US$130,000 per month at 6.75%
interest, commencing at the end of December 2019. The outstanding
loan amount at December 23(rd) , 2019 stood at US$2.331M.
Andre Booyzen, President and CEO, commented:
"This facility from Transamine will boost our working capital
and enable us to further advance our focus on meeting underground
development targets, which is critical to achieving our production
schedules. The long-term partnership between Transamine and Rambler
has been built on trust, performance and cooperation, and will
continue to grow in the years to come."
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.
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 over 1,350 metric tonnes per day at 2% Copper at the
Ming Mine. With a return to profitability and positive cash flow,
Rambler will continue advancing engineering studies and capital
asset additions with a view to further increase production.
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer/ Whales Back copper mines.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
Andre Booyzen Sanjay Swarup Tim 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 Tel No: +44 (0) 20 Plc
8652-2700 7096 0662 Tel No: +1 (709) 532
Fax No: +44 (0) 20 Fax No: +44 (0) 20 5736
8652-2719 8609 0313 Fax No: +1 (709) 800
1921
Nominated Advisor (NOMAD)
Ewan Leggat, Caroline
Rowe
SP Angel Corporate
Finance LLP
Tel No: +44 (0) 20
3470 0470
Website: www.ramblermines.com
Caution Regarding Forward Looking Statements:
Certain information included in this press 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 copper, gold and silver forecasts,
the financial strength of the Company, estimates regarding timing
of future development and production and statements concerning
possible expansion opportunities for the Company. 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, 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 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 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 security 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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