Rambler Metals & Mining PLC - Canada-focused copper and gold producer - Secures a short term loan of CAD2.4 million, about USD1.8 million, through local suppliers to its Ming mine operation, The loan has a 10% interest rate and is for a period of two years or once the planned capital raise is completed, whichever is shorter. The new cash will be used for working capital.
Adds that discussions have continued with a substantial shareholder and existing lender regarding a new injection of capital. States it is also in talks with a number of other institutions and creditors to achieve a financial restructuring.
"With a further injection of working capital sufficient to restore production levels to something approaching pre-pandemic levels, together with a restructuring of the balance sheet, the directors are confident that the company's operations would be profitable and cash flow generative," Rambler said.
Current stock price: 0.96 pence
Year-to-date change: down 62%
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
