LONDON (Alliance News) - Rambler Metals & Mining PLC Tuesday said it has subscribed to a private placement in Maritime Resources Corp with CAD129,000, giving it a 17.7% stake in the company.
In a statement, the Canadian copper and gold producer said CAD79,000 of the subscription amount will be used to allow for the conversion of a CAD75,000 loan, plus interest, into 316,000 Maritime shares.
The remaining CAD50,000 was invested for 200,000 non-flow though units consisting of one common share and one non-transferable share purchase warrant. Each share purchase warrant attached to non-flow though units entitles the holder to purchase one non flow-through common share at a price of CAD0.35 until May 21, 2015.
Funds from the placement will be used to advance the Green Bay Property and the former producing Hammerdown Gold Mine, Rambler said.
Rambler has strategic investments in the former producing Hammerdown gold mine Little Deer/ Whales Back copper mines and the advanced Valentine Lake Gold Project.
Rambler Metals and Mining shares were Tuesday quoted at 25.06 pence, down 0.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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