LONDON (Alliance News) - Rambler Metals & Mining PLC on Monday said it has issued 135.0 million shares to CE Mining II Rambler Ltd in a warrants exercise.
Under the teams of the deal with CE Mining, CE Mining was able to exercise the warrants on payment of a subscription price equal to 5.00p per share, and the total exercise price of all the 135.0 million shares is GBP6.8 million.
Shares in Rambler closed down 1.4% at 8.75p on Monday.
Rambler Metals said it will use the proceeds received following the warrants exercise to support its ongoing Phase II expansion plan and to evaluate the potential for a Phase III expansion at 2,000 metric tonnes per day.
The proceeds will also fund a wide step-out surface diamond drilling programme which will test the down-dip continuation of the mineralised zones of the Ming copper gold mine in Canada, Rambler Metals added.
Immediately prior to the conversion, CE Mining held around a 63% stake in the group, equal to around 261.4 million shares and 200.0 million warrants. Once the shares have been admitted to trading, CE Mining will hold 396.4 million shares, equal to a 72% stake, and 65.0 million warrants, Rambler Metals said.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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