Rambler Metals & Mining PLC - Canada-focused copper and gold producer - Agrees financing for up to USD50 million to fund projects, specifically at the Ming copper-gold mine in Newfoundland and Labrador, Canada. As part of this the company agrees a three-year senior secured loan of USD20 million at 8.0% interest with Toronto, Canada-based institutional investor Newgen Resource Lending. Rambler also agrees an unsecured, subordinated convertible note of up to USD30 million with investment firm Riverfort Global Opportunities.
Rambler said the refinancing agreement will "significantly improve" the company's liquidity and provide flexibility going forward.
"These funds will enable us to continue the underground development in the lower footwall zone of the Ming Mine that provides the necessary flexibility in mine production sources going forward," Chief Executive Toby Bradbury comments.
Current stock price: 29.38 pence, up 1.3% on Wednesday
Year-to-date change: down 17%
By Will Paige; willpaige@alliancenews.com
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