Materials publicly filed in the CCAA Proceedings

RNS Number : 2214S

Rambler Metals & Mining PLC

08 March 2023

 

8 March 2023

Materials publicly filed in the CCAA Proceedings

London, England - Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company") wishes to notify the shareholders that the Comeback Hearing scheduled for 6 March as announced initially on 28 February has been completed and the Court reconvened yesterday (7 March 2023) to announce its decision which includes:

· the Stay of Proceedings is extended from 7 March 2023 up to and including 19 May 2023;

· the Administration Charge has been increased to C$1.35 millions; and

· the Debtor In Possession ("DIP") Charge has been increased to US$2.87 millions; and

· the next hearing is set for 15 March 2023 for the Court to consider a proposed sale or investment solicitation plan (the "SISP", or the "Strategic Process"). If approved by the Court, the Strategic Process will be conducted by the Monitor under the Court's supervision and will be designed to achieve the highest value available or otherwise best offer for the Company, its subsidiaries, and its stakeholders.

Further materials publicly filed in the CCAA Proceedings, including the Amended and Restated Initial Order, and additional information with respect to the Strategic Process, will be available shortly on the Monitor's website at www.GrantThornton.ca/Rambler .

The materials published on the website are as follows ("Materials"):

1)  Stay Extension Order dated 6 March 2023 
http://www.rns-pdf.londonstockexchange.com/rns/2214S_1-2023-3-7.pdf

2)  Amended and Restated Initial Order dated 7 March 2023 
http://www.rns-pdf.londonstockexchange.com/rns/2214S_2-2023-3-7.pdf

Further announcements will be made, as appropriate.

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.

Terms and definitions in this notification are as defined in the notification of 27 February 2023.

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.

The Company has targeted a production profile to meet current mill capacity of 1,350 metric tonnes per day with a target grade of 2% Cu and is evaluating growth opportunities from that base .  

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer Complex.

Caution Regarding Forward Looking Statements:

This press release may include forward-looking statements, which reflects the Company's current expectations regarding future events. Forward-looking statements include, but are not limited to, statements regarding the development and implementation of the Strategic Process and its potential impact and outcomes; the process for developing the Strategic Process and seeking Court approval thereof; the ability to identify and implement any sale or restructuring transaction in connection with the Strategic Process and the CCAA Proceedings; the Company's intended actions during the CCAA Proceedings; and the effect of the CCAA Proceedings. Such statements are based on current expectations of the Company's management and inherently involve numerous risks and uncertainties, known and unknown, and there can be no assurance as to the outcome of the Strategic Process and the CCAA Proceedings.  In particular and without limitation, there can be no assurances as to: the ability of the Company to obtain all necessary approvals in order to complete any sale or restructuring transaction identified in connection with the Strategic Process and the CCAA Proceedings; the stay of proceedings having the effect contemplated by the Company in providing it with additional time to pursue the Strategic Process; the ability of the Company to operate in the ordinary course during the CCAA Proceedings, including with respect to satisfying obligations to service providers, suppliers, contractors and employees; the ability of the Company to continue as a going concern; the Company's future liquidity position, and access to capital, to fund ongoing operations and obligations; the ability of the Company to stabilize its business and financial condition; the ability of the Company to implement and successfully achieve its business priorities; the ability of the Company to comply with its contractual obligations, including, without limitation, its obligations under debt arrangements; the ability of the Company to generate sufficient cash flow from operations; the impact of competition; the ability of the Company to obtain and retain qualified staff, equipment and services in a timely and efficient manner (including in light of the Company's restructuring efforts); and the ability of the Company to retain members of the senior management team, including but not limited to, the officers of the Company.

Rambler is listed in London under AIM:RMM.

Media Contact:

T im Sanford, P. Eng.

VP & Corporate Secretary

Email: [e-mail]

Tel No: [phone]

For further information, please contact:

T oby Bradbury President and CEO Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]	Celeste Van Tonder CFO Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]	T im Sanford. P. Eng. VP & Corporate Secretary Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]
Nominated Advisor (NOMAD)
Ewan Leggat, Kasia Brzozowska SP Angel Corporate Finance LLP Tel No: [phone]

Website:   www.ramblermines.com  

 

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