LONDON (Alliance News) - Copper and gold miner Rambler Metals & Mining PLC said Friday it has issued 65.0 million shares following the exercise of warrants by CE Mining II Rambler Ltd at a price of 5 pence per share, raising GBP3.3 million.
Proceeds will go towards strengthening of the company's working capital position as it progresses towards its sustained production target of 1,250 metric tonnes per day of ore.
Following the transaction, CE Rambler now holds 461.4 million shares in total, reflecting a 72% stake in the company. Rambler Metals & Mining now has 639.7 million shares issued overall.
CE Rambler intends to transfer the shares to investment fund Aether Real Assets Co-Investment I LP.
Shares is Rambler Metals & Mining were trading 1.1% higher at 5.44 pence each on Friday morning.