Financing Facility with Transamine
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 23rd, 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:
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Andre Booyzen President and CEO Rambler Metals & Mining Plc Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719 |
Sanjay Swarup CFO Rambler Metals & Mining Plc Tel No: +44 (0) 20 7096 0662 Fax No: +44 (0) 20 8609 0313 |
Tim Sanford. P. Eng. Vice President and Corporate Secretary Rambler Metals & Mining Plc Tel No: +1 (709) 532 5736 Fax No: +1 (709) 800 1921 |
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Nominated Advisor (NOMAD) |
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Ewan Leggat, Caroline Rowe SP Angel Corporate Finance LLP Tel No: +44 (0) 20 3470 0470 |
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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.
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