(Alliance News) - Rambler Metals & Mining PLC on Thursday said it has closed its USD2.5 million financing deal with Lombard Odier Asset Management Europe Ltd.
Shares in Rambler were down 9.3% at 0.93 pence in afternoon trade in London.
The financing takes the form of unsecured convertible loan notes which have a 7% per annum interest rate and are convertible, maturing in just short of a year.
Miner Rambler announced the Lombard Odier agreement on Monday along with another USD2.5 million financing deal with CE Mining III Rambler Ltd.
CE Mining III is obliged to issue the funds by September 6 and Rambler will make another announcement when the deal completes.
Rambler said it plans to use the money to improve its tonnage and grades, as well as to reduce its debt and improve its working capital position.