(Alliance News) - Rambler Metals & Mining PLC on Tuesday said its operating Canadian subsidiary has entered into a new financing facility with Transamine Trading SA.
Under the terms, Transamine has agreed to provide up to USD2.0 million at an interest rate of 7.0% per annum. It was made available on December 24 and is expected to be repaid in nine equal monthly instalments of USD222,000 plus interest commencing from July 1.
The AIM-listed copper & gold producer said it will use the proceeds for working capital requirements, as it consolidates the most recent expansion at the Ming mine in Canada to 1,350 tonnes per day milled.
"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," said Rambler President & Chief Executive Andre Booyzen.
He added: "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."
In addition, Rambler said it has re-negotiated the terms on the re-payment of the outstanding balance of the previous USD4.0 million loan from Transamine. The outstanding loan amount at December 23 stood at USD2.3 million.
Rambler shares were trading 2.2% lower in London on Tuesday at 2.44 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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