Operational Update
Rambler Metals and Mining PLC / AIM: RMM / Sector: Natural Resources
30 March 2023
Rambler Metals and Mining PLC
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 that its wholly-owned subsidiary Rambler Metals and Mining Canada Limited ("RMMCL") which has been operating under the protection of the Companies' Creditors Arrangement Act ("CCAA") since 27 February 2023 pursuant to an Amended and Restated Initial Order most recently amended on 15 March 2023 (the "ARIO") by the Supreme Court of Newfoundland and Labrador ("Court") has ceased operations at the Ming Mine, the Nugget Pond Mill and Goodyears Cove effective as of 19.00pm Newfoundland Time 29 March 2023.
RMMCL's cessation of operations was the direct result of a dispute which RMMCL has with Transamine Trading S.A. ("Transamine") regarding the payment of approximately US$880,000 that was due from Transamine on 24 March 2023 and an additional payment of approximately US$1.78 million that is due from Transamine on or around 30 March 2023. Transamine has advised Rambler that it does not intend to make those required payments.
RMMCL along with Grant Thornton Limited ("GT"), who has been appointed as the Monitor by the Court in the CCAA proceedings for RMMCL, will be applying to the Court to address Transamine's failure to pay, the cessation of operations, and further issues regarding the Sales and Investment Solicitation Process ("SISP") as soon as possible.
It is not expected that operations will resume for the balance of the SISP. All employees, suppliers and other stakeholders have been, or are in the process of being informed, and RMMCL will be carrying out essential care and maintenance going forward.
The directors of the Company are assessing the impact on Rambler Metals and Mining plc and will provide further updates in due course.
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.
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.
For further information, please contact:
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T oby Bradbury President and CEO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 |
Celeste Van Tonder CFO Rambler Metals & Mining Plc Tel No: +1 (709) 800 1929 Fax No: +1 (709) 800 1921 |
T im Sanford. P. Eng. VP & 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, Kasia Brzozowska SP Angel Corporate Finance LLP Tel No: +44 (0) 20 3470 0470 |
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Website: www.ramblermines.com
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