LONDON (Alliance News) - Rambler Metals & Mining PLC said Monday it has entered in to a definitive subscription agreement with CE Mining III Rambler Ltd for USD2 million.
Shares in Rambler Metals & Mining closed down 19% on Monday at 2.40 pence.
CE Mining III Rambler is wholly owned by CE Mining Fund III LP, whose CE Mining II Rambler Ltd subsidiary is a control person of Rambler.
The subscription agreement is for USD2 million in the form of senior secured convertible loan notes, which will have an annual 10% interest rate.
Rambler Metals & Mining will use the money to "strengthen its working capital position and for general corporate purposes" for three months. Discussions are ongoing for a potential further investment with a more medium-term outlook.