LONDON: Rambler Metals and Mining plc has closed the previously announced sale of non-core assets to Maritime Resources Corp.
The non-core assets include the Company’s existing gold circuit at the Nugget Pond metallurgical facility and a number of Canadian exploration properties and royalties.
Eason Chen appointed CFO at Rambler Metals and Mining
Key terms of the transaction are as announced on 23 December 2020 and are as follows:
· Maritime has paid US$2.0 million in cash and C$0.5 million in common shares of Maritime based on the 30-day volume weighted average price (VWAP) on closing, representing 3,571,428 shares issued at a price of C$0.14. The shares are subject to a four month and one day hold period expiring 13 August 2021. In addition, a deposit of C$200,000 was paid to Rambler on 12 March 2020.
· The transaction includes the following assets:
· Nugget Pond gold circuit: an existing carbon-in-pulp leach plant that last operated in 2012 and was previously used to process ore from the Hammerdown mine.
· Lac Pelletier gold property: located in the City of Rouyn Noranda, Quebec approximately five km south of Glencore’s Horne smelter and three km north of the Cadillac Larder-Lake Break in the Abitibi Greenstone Belt.
· A portfolio of Canadian mineral exploration properties and currently non-producing royalty interests including the Gold Hawk property (2% NSR) and Valdora property (1% NSR) near the City of Val-d’Or, Quebec in the Abitibi Greenstone Belt.
Toby Bradbury, President and CEO commented: “We are pleased to announce the completion of the transaction with Maritime to sell the idle gold processing circuit at Nugget Pond and the non-core gold assets acquired as part of the 2016 acquisition of Thundermin Resources.
Rambler’s focus remains the turnaround of the Ming Mine operations as a platform for expansion and the future growth of its highly prospective mineral properties including Little Deer deposit in the Baie Verte region of Newfoundland”
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’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
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.
Rambler’s focus is to regain its production profile at 1,350 metric tonnes per day at 2% Cu in the course of 2021 and evaluate expansion opportunities from that base.
Along with the Ming Mine, Rambler also owns 100 per cent of former producing Little Deer / Whales Back and Ming West copper mines.