Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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boing boing
Yep. Should return to 0.60 at least imo.
Looking good now
It’s ongoing helu and no telling, has been in the works for a long time and other financing arrangements made in meantime have a year Or two terms for repayment (or to be repaid when new financing is sorted)
being paid :-)
Ayone know the completion dates of the financing and asset disposal? I couldnt see anything in my research.
Thanks for any answers in advance....
Feel energetic
If it follows the pattern of Lombard exits from other stocks Keep an eye out for a Delayed Huge trade at a odd low price which will be Lombard selling, as soon as their broker published it then it’s all clear.
It’s clear that they are not just selling small blocks and the stock being bought is being sourced from somewhere, it has to be their open sell order.
If the $3.5m asset disposals happens before the refinancing rns that could be a catalyst for a rise too, but it goes straight to pay down debts.
I took another 2 batches 0.34p/0.35p. Had to split it, That’s me done now.
the ReFinancing has Been ongoing on for a Along time, every funding rns I read yesterday had stipulations like “to be repaid in full upon equity raise”
They will either use the weak share price to their advantage and strike soon or leave it and if they do the sp will rise beforehand.
Bare in mind The share price was 1p-1.5p for most of the time that they have been working on it, most of this drop is purely Lombard dumping. They upped their stake and held for a year to the day, it didn’t work, they move on and recover whatever they can as quick as they can thrashing the share price as they go.
continue
BACKGROUND
Rambler entered 2020 in a challenging position as a result of a deficit in development in Q4 2019. Prior to this, ore production from the mine had reached a point at which its mill capacity was fully utilised at 1,350 tonnes per day (tpd). While seeking finance to recapitalise the mine at the start of this year, the onset of COVID-19 had a negative impact on the financial markets and commodity prices, in particular copper.
Since March 2020, the mine has operated at a reduced level (˜50%) to protect the health and safety of its people, to reduce cost, maintain the asset and preserve cash.
The Ming Mine and the Newfoundland Labrador Province are well prepared to deal with the impact of COVID-19 which, through the measures implemented, has maintained a very low incidence of cases in the pandemic. The Ming Mine has the ability to resume its full production potential.
In June 2020, the Company appointed Toby Bradbury as CEO; specifically experienced in successfully executing mining operation turn-arounds and developing and implementing sustainable strategies for optimal shareholder returns.
Building on the back of a successful drilling campaign and new resource statement announced on 5 March 2020, Rambler has generated a new mine plan targeting an increase in feed grade to the mill of ˜2% Cu, further improving the business economics. Significant mineralised intersections were found last year identifying further exploration targets with the potential to add mine life and/or create expansion options (as outlined in the RNS announcements of 4 and 26 November 2019).
CURRENT STATUS
In preparation for the Note Financing, Rambler has agreements in principle for the terms reflected in conditions 3, 4 and 5 above as well as the asset sale element of condition 1, all of which are noted under the 'Note Financing' section above. However, there can be no certainty at this stage that final binding agreements will be entered into on the terms disclosed above or that the Company will be able to secure the financing outlined in this announcement.
Following this announcement, detailed negotiation will be entered into with unsecured creditors to conclude a payment plan.
Rambler will today embark on the Equity Raising process to raise at least US$ 6.5m at a price to be determined, with a view to procuring final binding agreements for: the Equity Raising; conversion of CLNs and bridging loans to equity; the Note Financing; non-core asset sale and agreement of creditors to the deferment of payments and/or re-scheduling of debt repayments.
Depending on the terms, of the Equity Raising, the Company may need to hold a general meeting of shareholders to effect a re-structuring of the share capital of Rambler.
USE OF PROCEEDS
Proceeds of the Note Financing will be used for the funding the capital plan, including repayment of trade payables and borrowed money.
The information contained within this announ
28 September 2020
Rambler Announcement of Financing
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, today announces the structure and terms of a corporate refinancing that will position the Company to re-establish full production, implement options for increased production and continue with highly prospective exploration. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Note Financing
Rambler has entered into a binding term sheet for a US$ 5million conditional secured loan from institutional investor West Face Capital Inc. ("West Face") ("Note Financing"). The principal terms of the Note Financing are:
· US$ 5million senior secured notes with a 3 year term at 10% interest per annum payable bi-annually, the principal to be repaid as a single bullet payment with early repayment provision, and carries 5 year warrants to purchase up to 10% of the equity capital of the Company, as fully diluted by the proposed equity financing ("Equity Raising") and conversion of the convertible loan notes and bridging loans set out below, at the same share price as the equity placement price anticipated by the Note Financing transaction;
· The Note Financing carries covenants typical for this type of transaction;
· The intention is to replace the term sheet with a binding Note Financing agreement;
· The Note Financing will be secured as a first ranking charge over the assets of the Company, including secured guarantees from all controlled subsidiaries of the Company;
· Mandatory covenant to repay the Note Financing with the proceeds of future asset sales and/or equity financings;
· The Note Financing is subject to the following, inter alia, conditions precedent:
1. Completion of non-core asset sales and a concurrent Equity Raising sufficient to generate minimum net proceeds of US$ 15 million, when combined with the net proceeds of the Note Financing;
2. Unsecured creditor plan of arrangement and repayment schedule for trade payables in arrears, satisfactory to West Face;
3. Conversion of all existing convertible notes in issue ("CLNs"), together with accrued interest, into equity at the same price as the Equity Raising. The total principal of the CLNs is US$ 7m and the accrued interest at the end of August 2020 stands at US$ 0.72m;
4. Conversion of bridging loans from CE Mining III Rambler Limited and Aether Real Assets Co-Investment I, L.P, entered into on 7 May 2020 and 2 June 2020, US$ 1m and US$ 0.83m, respectively, and total accrued interest at the end of August 2020 of approximately US$ 53,000 at the proposed Equity Raising price;
5. Repayment of the Sandstorm working capital loan of US$933,218 in full;
6. Satisfactory due diligence - business, legal, environmental, tax and regulatory;
7.
When are they doing refinancing how do u kbow on the report ?
it,s gone more cheap today anyone buying now ?
It could be 1p or 0.001p, depends on refinancing deal long term.
Just here for Technical bounce once Lombard stock settled a bit with the hope it goes back up before the funding rns.
But I do like the sound of the assets and it’s a great time In the commodity cycle for gold and copper, devils in the detail
U think this go back to 1p they actually majing copper
They are in the process of refinancing and raising $15m.
Ur saying they bankrupt? Seem to me they are good just covid holding them back.. do they need placing ?
As an ex long term investor with a significant stake (George Ogilvie then Norman era) who sold out a few years back now I think I will continue to wait and see. The refinancing is likely to be hugely dilutive and will lead to a dramatic consolidation - 100 to 1, 200 to 1? More? Certain fact is that the person dictating the terms of the placing will look after themselves and the PIs will be given no consideration. It happens time and time again, especially on AIM.
With a large rise in copper price this may become viable one day, but it hasn't yet. To the best of my knowledge it has never approached break even, it is operating in a high cost jurisdiction.
I'm not deramping, I don't do that. Just saying wake up and smell the coffee before you pour more and more of your hard earned in here expecting this mythical 'bounce' that may well not happen. Be objective. GLA
i'm not here for a long time just a bounce up and out .
That's my plan to hopefully top slice and let my free ride face the financing RNS.
Started having a deeper look, dont assume any of this is correct, if you know otherwise please correct me.
Im guessing they are referring to Plinian?
"Discussions are ongoing on with a substantial shareholder and existing lender regarding a new injection of capital to facilitate the following:"
https://www.marketscreener.com/quote/stock/RAMBLER-METALS-AND-MINING-4005170/company/
Vote Quantity Free-Float Company-owned shares Total Float
Stock A 1 1,296,412,000 470,765,858 36.3% 0 0.0% 36.3%
Plinian Capital Ltd. 827,955,784 63.9%
Lombard Odier Asset Management (Europe) Ltd. 185,244,599 14.3%
CI Investments, Inc. 124,138,495 9.58%
Aether Investment Partners LLC 65,000,000 5.01%
Tinma International Ltd. 22,736,992 1.75%
Henderson Global Investors Ltd. 12,040,758 0.93%
AlphaGen Capital Ltd. 8,884,707 0.69%
Hargreaves Lansdown Stockbrokers Ltd. 6,314,000 0.49%
TD Securities, Inc. 5,353,000 0.41%
FIL Investment Advisors (UK) Ltd. 5,036,000 0.39%
My thinking is we potentially have, Plinian, CI Investments, Inc., Aether Investment Partners LLC ,Tinma International Ltd. holding firm with 1,084,871,271? leaving only ~200m shares in free float issue? if thats the case a rise to 0.6-0.9p wouldnt take much once lombard are clear.
I have not seen the days trades for the last few days, but with the large decrease in Lombards stake to relative small volume traded i think there was another party buying direct from them and potentially not reported the trade.
they sold 102m shares, on 149m volume day, even on a 1 for 1 buy / sell you would assume 204m volume on the day.
not here for the long haul but i have a feeling it could bounce hard if it has a chance before finance news lands, if finance news lands before then it depends on the details within it.
hope so could do with a good end to the week
Seller. Will be out soon. Maybe one more top up for me as well
can we have TR1 please Bob