RMM.L Regulatory News (RMM)

29 October 2021

Closing of Debt Financing

London, England, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company"), a copper and gold producer, explorer and developer, today announces that the Company has completed a 3-year senior secured debt financing in the amount of US$22 million (the "Loan Note") with NewGen Resource Lending Inc. ("NewGen"), an institutional investor based in Toronto, Canada.

The key terms of the Loan Note include:

· The Loan Note will be closed in three tranches with the first tranche of US$12.4 million today, which includes rollover of the existing senior debt of US$5.0 million from a fund advised by West Face Capital Inc. ("West Face") and bridge loan of US$1 million (as announced on 13 October 2021) plus 5% early repayment premium, US$1.8M by 5 November 2021, and US$7.8M by 31 December 2021;

· The Loan Note bears interest at the rate of 8.0% plus the greater of: (i) US Dollar 3 month LIBOR; and (ii) 1.75% per annum, payable monthly;

· The Loan Note matures in three years and principal repayments will commence the month following the first anniversary of the closing date of the first tranche and be paid monthly thereafter (i.e. fully amortized for the remaining 24 months from the date of first principal payment until the end of the third year);

· The Loan Note is subject to arrangement fee of 3% of the gross amount of the Loan Note, payable on the closing dates of each tranche;

· The Loan Note will be secured by first ranking security over all assets of the Company and its material subsidiaries;

· Warrants over 5,400,000 new ordinary shares of the Company has been issued to NewGen (the "Warrants"). The Warrants have a term of four years with an exercise price of 26.61 pence calculated based on 130% of 20-day volume weighted average prices two days prior to closing of the first tranche.

· A gold equivalent payment in total of 300 ounces over three years.

Toby Bradbury, CEO commented: 

"The closing of this finance is a significant milestone for Rambler. It enables us to complete the redevelopment of the Ming Mine and bring the operation into an efficient and sustainable production in the near term. We are appreciative of the support provided by NewGen and West Face in the structuring of this package. It is a demonstration of the value that they see in our business and the ongoing involvement of West Face sends a strong signal. In addition, while we have been working hard over the past weeks to close the financing, our suppliers and business partners have continued to support us, and we fully recognise this.

We look forward to reporting our progress in due course."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development Company that in November 2012 brought its first mine into commercial production. The group has a 100% ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year-round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Rambler's focus is to regain its production profile at 1,350 metric tonnes per day at 2% copper in the course of 2021 and evaluate expansion opportunities from that base.

Along with the Ming Mine, Rambler also owns 100% of the former producing Little Deer and Whales Back copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

Website: www.ramblermines.com