Rambler Metals & Mining PLC Update -- Creditors Voluntary Liquidation (9816W)

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RNS Number : 9816W

Rambler Metals & Mining PLC

21 April 2023

Rambler Metals and Mining PLC / AIM: RMM / Sector: Natural Resources

21 April 2023

Rambler Metals and Mining PLC ('Rambler' or the 'Company')

Update - Creditors Voluntary Liquidation

London, England, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company"), announces an update in respect of the Creditors Voluntary Liquidation.

As was previously notified on 11 April 2023, the funding that was previously received by Rambler Metals and Mining PLC flowed up from the cash generated by Rambler Metals and Mining Canada Limited ("Rambler Canada").

As Rambler Canada has ceased to operate, the Debtor In Possession lenders to the Companies Creditors Arrangement Act, Canada ("CCAA") process stated they will no longer provide funds at the PLC level. With no funding, Rambler Metals and Mining PLC has no means to continue to operate, cannot pay its debts as they fall due, and so must file for voluntary liquidation.

Any surplus to the creditors from the Sales or Investment Solicitation Plan being conducted pursuant to the CCAA process can still flow back to Rambler Metals and Mining PLC via the liquidator. There is no certainty that there will be a surplus, but this is the case whether Rambler Metals and Mining PLC is liquidated or not.

The ordinary shares of Rambler will still exist pending completion of the liquidation of the Company, despite the cancellation of the Company's ordinary shares to trading on the AIM market, and information regarding the share ownership of the Company will be retained by the Liquidators, should there be any funds to distribute back to shareholders.

It is important to provide some level of process certainty that Rambler Metals and Mining PLC be allowed to liquidate in an orderly fashion. The alternative to a Voluntary Liquidation is a Compulsory Liquidation, a court-lead process that is more expensive, more time-consuming, and would diminish further any potential value for shareholders.

All information required by shareholders and creditors has been provided to the respective parties. If anyone has not received this information, please contact Begbies Traynor at [e-mail]

Rambler is listed in London under AIM:RMM.

Media Contact:

Tim Sanford, P. Eng.

VP & Corporate Secretary

Email: [e-mail]

Tel No: [phone]

For further information, please contact:

 
  T oby Bradbury                Celeste Van Tonder          T im Sanford. P. Eng. 
   President and CEO             CFO                         VP & Corporate Secretary 
   Rambler Metals & Mining       Rambler Metals & Mining     Rambler Metals & Mining 
   Plc                           Plc                         Plc 
   Tel No: +1 (709) 800          Tel No: +1 (709) 800        Tel No: +1 (709) 532 
   1929                          1929                        5736 
   Fax No: +1 (709) 800          Fax No: +1 (709) 800        Fax No: +1 (709) 800 
   1921                          1921                        1921 
 
   Nominated Advisor (NOMAD) 
  Ewan Leggat, Kasia 
   Brzozowska 
   SP Angel Corporate 
   Finance LLP 
   Tel No: +44 (0) 20 
   3470 0470 
 
 
   Website:   www.ramblermines.com 

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April 21, 2023 02:00 ET (06:00 GMT)