Rambler Metals & Mining PLC Delay to completion of Transaction (4135H)

TIDMRMM

RNS Number : 4135H

Rambler Metals & Mining PLC

03 December 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AND.

3 December 2020

Delay to completion of Equity Raising, Note Financing and Conversion of Loans

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, announces a delay to the equity raising, note financing and conversion of loan notes, further details of which were set out in the Company's announcement of 13 November 2020 ("Transaction").

It was expected that the Transaction would complete on 3 December 2020, with the admission of new ordinary shares of the Company to trading on AIM.

The proposed note financing of US$5 million is awaiting final documentation which is reasonably expected in the next 24 hours. The Directors remain confident that that the note financing is capable of being satisfied and must be satisfied by not later than 18 December 2020 in any event. Should the note financing not become unconditional in all respects by 18 December 2020, then the Transaction will not proceed.

A further announcement will be made in due course.

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.

Rambler's focus is to regain its production profile at 1,350 metric tonnes per day at 2% Cu in the course of 2021 and evaluate expansion opportunities from that base. Along with the Ming Mine, Rambler also owns 100 per cent of former producing Little Deer / Whales Back and Ming West copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

 
  Toby Bradbury                 Sanjay Swarup               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            Tel No: +44 (0) 20          Plc 
   7 096 0 662                   7096 0662                   Tel No: +1 (709) 532 
   Fax No: +44 (0) 20            Fax No: +44 (0) 20          5736 
   860 9 0 313                   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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December 03, 2020 02:00 ET (07:00 GMT)