LONDON (Alliance News) - Mining & development company Rambler Metals & Mining PLC said it raised USD11 million from the issue of 599.8 million share at USD0.018 per share.
Shares in Rambler closed down 9.6% at 1.54 pence on Friday.
The funds of its private placing will be used to repay its USD1 million unsecured loan, as well as accrued interest, and for the funding of unspecified matters approved by the board. The money will also be used for working capital purposes.
Shareholder approval has been granted for the placing, with the shares issued to Aether Real Assets Co-Investment I LP, Lombard Odier Asset Management Europe Ltd, and CE Mining III Rambler Ltd.
The latter, CE Mining III, is the issuer of the USD1 million loan.