LABRADOR: Rambler Metals and Mining plc has entered into a short-term financing agreement with Aether Real Assets Co-Investment. The Aether Bridge Loan is an unsecured loan for a total of US$1,000,000, will bear interest at a rate of 10% per annum, and will mature on 5 October 2020 .
Interim repayments will be required on completion of any fundraising, whether by way of the exercise of existing warrants or the issuance of equity or debt of the Company, until such time as the full loan amount has been repaid.
Rambler is currently progressing an ongoing fundraising which is currently expected to be completed by the end of Q2 2020.
Penalty interest will be charged from the repayment date on the aggregate amount of the Aether Bridge Loan at an additional rate equivalent to 5% per annum, compounding monthly.
Aether is deemed to be an associate of both CE Mining II Rambler Limited (CEII) and CE Mining III Rambler Limited (CEIII) for the purposes of the AIM Rules for Companies. CEII and CEIII are substantial shareholders of Rambler. As such, the Aether Bridge Loan is a transaction with a related party and is subject to Rule 13 of the AIM Rules for Companies.
Eason Chen, Glenn Poulter and Toby Bradbury are considered to be independent directors for the purposes of this transaction with Aether and, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, consider the terms of the Aether Bridge Loan to be fair and reasonable insofar as shareholders are concerned.
Rambler is a mining and development company that in November 2012 brought its first mine into commercial production. Rambler has a 100 per cent 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.
Following the completion of its recent productivity improvement initiative Rambler’s focus is on sustaining mine and mill production at over 1,350 metric tonnes per day at 2% Copper at the Ming Mine with a view to increasing this to 1,500 metric tonnes per day by the end of 2020. With a return to profitability and positive cash flow, Rambler will continue advancing engineering studies and capital asset additions to further increase production.