LONDON (Alliance News) - Rambler Metals & Mining PLC said Friday that it has closed the first tranche of the previously announced private share placement of 44.4 million shares with Lombard Odier Asset Management (USA) Corp.
Under the first tranche, the copper and gold miner has issued 25 million shares to funds managed by Lombard Odier at 5 pence per share, raising GBP1.3 million in total.
The closing of the second tranche of remaining 19.4 million shares is expected to occur after satisfaction of certain conditions. The second tranche placement is required to take place on or before June 19.
Proceeds from the share placement will be used by the company to strengthen its working capital position as it moves towards its sustained production target of 1,250 metric tonnes per day.
Following closing of the first tranche of the share placement, LO Managed Funds own 9.9% interest in the company.
London listed shares in the miner closed at 5.55 pence each, down 1.3%.
