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, announces an update on its financial position.
As noted in the Company’s announcement of 27 October 2022, the Company’s first principal repayment was due to Newgen Resource Lending Inc (“Newgen”) on 31 October 2022. No payment of principal was made to Newgen on 31 October 2022 and therefore an event of default has occurred as defined in the Newgen loan agreement. In addition, the Company ceased to make payments of interest due to Newgen in September 2022. Newgen and Rambler remain in constructive discussions to find a solution to the refinancing or restructuring of the Company. In the meanwhile, operations at the mine site are continuing as normal.
There can be no certainty at this stage that Newgen will agree to defer or reschedule the repayment of its loan or interest due on its loan, or the terms on which any deferral will be agreed. Accordingly, the Company’s financial position remains uncertain.
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. 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.
The Company has established a production profile to meet current mill capacity of 1,350 metric tonnes per day with a target grade of 2% Cu and is evaluating growth opportunities from that base .
Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer Complex.
Rambler is listed in London under AIM: RMM.
For further information, please contact:
Toby Bradbury: President and CEO
Celeste Van Tonder: CFO
Rambler Metals & Mining Plc
Tel No: +1 (709) 800 1929
Fax No: +1 (709) 800 1921
