RE: Must be a BUY here10 Sep 2019 09:49
Andre Booyzen, President and CEO, commented:
"The first half of 2019 has seen steady improvement in efficiencies and resulting production performance as a result of our focus on continuous improvements that were started in late 2018 and still continue. We will remain focussed on producing safely and exceeding production targets."
"This funding demonstrates the confidence our major shareholders have in the board and new executive management of Rambler. It is the start of an exciting era for Rambler as the funding will aid us in starting a process of critical fleet replacement and allow us to repay some important debt, whilst buffering our working capital. Management believe that this will eventually enable us to increase our production to our target of over 1,350 tonnes per day milled at 2% copper grade. "
Information on the Convertible Loan
The Subscription Agreement provides for a total investment of US$5 million with the Investors each committing US$2.5 million, in the form of unsecured convertible loan notes (the "Loan Notes"), the terms of which are set out in a Convertible Loan Note Instrument (the "Convertible Loan Instrument" and, collectively with the Subscription Agreement and the Loan Notes, the "Convertible Loan Documents"). The obligation of each Investor to fund its respective commitment under the Subscription Agreement is several and unconditional. Lombard Odier is contractually obligated to fund its US$2.5 million commitment by no later than 21 August 2019 and CEIII is contractually obligated to fund its US$2.5 million commitment by no later than 6 September 2019. CEIII is a wholly-owned subsidiary of CE Mining Fund III L.P., a Cayman Islands exempted limited partnership whose general partner is under common ownership with the general partner of CE Mining II L.P., whose subsidiary CE Mining II Rambler Limited ("CEII") is a control person of Rambler.
The Loan Notes will bear interest at a rate of 7% per annum and will mature on the first business day prior to the first anniversary of the issuance of the Loan Notes. The Loan Notes are convertible, in whole or in part, at the election of the Investors at a price per Ordinary Share equal to GBP£0.014 (the "Conversion Price").
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