TIDMRMM
RNS Number : 5473A
Rambler Metals & Mining PLC
29 December 2017
29 December 2017
Rambler Enters Into Purchase Agreement with its
Off-take Partner Transamine Trading S.A.
London, England - Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc, a Canadian copper and gold producer,
explorer and developer (TSXV: RAB, AIM: RMM) ("Rambler" or the
"Company") today reports that its operating subsidiary, Rambler
Metals and Mining Canada Limited ("Rambler Canada"), has entered
into an Addendum (the "Addendum") to its Amended and Restated
Purchase Agreement with Transamine Trading S.A. ("Transamine")
previously announced on 2 September 2015. Pursuant to the terms of
the Addendum, Transamine has agreed to purchase in advance USD
$4,000,000 of concentrate (the "Advance Purchase Payment"). The
Advance Purchase Payment accrues interest at a rate of 6.75 per
cent per annum and is secured by Transamine's existing charge
against the assets of Rambler Canada and is guaranteed by the
Company. The Advance Purchase Payment will be used for working
capital requirements as the company finalizes its Phase II
expansion at the Ming Mine.
The Advance Purchase Payment shall be repaid in eighteen (18)
equal monthly installments of $222,222.33 plus interest commencing
one hundred and eighty (180) days following the advance. The
monthly repayments shall be in the form of cash or a deduction
against provisional invoicing. As an additional consideration for
the Advance Purchase Payment, Rambler Canada has also agreed to
provide Transamine a Right of First Refusal on any offtake
agreement pertaining to concentrates for a period of five (5) years
commencing 1 January 2022, in accordance with the terms of
Addendum.
Norman Williams, President and CEO, commented:
"We are nearing the end of our planned Phase II expansion which
has extended the life of the project by nearly 20 years. During
this pivotal time we have elected to secure this term financing to
ensure sufficient working capital is available for the operation
during its final transition.
"Rambler continues to foster an excellent relationship with its
concentrate offtake partner. Since entering into commercial
production in 2012 Transamine has been a continuous supporter of
our project and has no doubt benefited from the delivery of
Rambler's high grade and quality concentrate. As we look toward
future decades of production at the Ming Mine the Right of First
Refusal offer will provide Transamine with an option to continue
its relationship beyond the existing contract termination date of
December 2021. We are pleased to be continuing with Transamine as
we finalize our Phase II expansion plans over the coming
months."
Neither TSX Venture Exchange nor its Regulation Service Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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.
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.
Rambler's ongoing Phase II plans are to sustain mine and mill
production at 1,250 mtpd in 2018. This initial expansion has been
fully funded through CEII's investment. Rambler will also continue
advancing Phase III engineering studies with a view to further
increase production to 2,000 mtpd at the Ming Mine.
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer/ Whales Back copper mines and has
strategic investment in the former producing Hammerdown gold
mine.
Rambler is dual listed in London under AIM:RMM and in Canada
under TSX-V:RAB.
For further information, please contact:
Norman Williams, Peter Mercer
CPA,CA Vice President, Corporate
President and CEO Secretary
Rambler Metals & Rambler Metals & Mining
Mining Plc Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20
Fax No: 709-800-1921 8652-2700
Fax No: +44 (0) 20
8652-2719
Nominated Advisor Investor Relations
(NOMAD)
David Porter Nicole Marchand Investor
Cantor Fitzgerald Relations
Europe Tel No: 416- 428-3533
Tel No: +44 (0) Nicole@nm-ir.com
20 7894 7000
Website: www.ramblermines.com
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including
information relating to future financial or operating performance
and other statements that express the expectations of management or
estimates of future performance constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements regarding copper, gold and silver forecasts,
the financial strength of the Company, estimates regarding timing
of future development and production and statements concerning
possible expansion opportunities for the Company. Where the Company
expresses or implies an expectation or belief as to future events
or results, such expectation or belief are based on assumptions
made in good faith and believed to have a reasonable basis. Such
assumptions include, without limitation, the price of and
anticipated costs of recovery of, copper concentrate, gold and
silver, the presence of and continuity of such minerals at modeled
grades and values, the capacities of various machinery and
equipment, the availability of personnel, machinery and equipment
at estimated prices, mineral recovery rates, and others. However,
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
such forward-looking statements. Such risks include, but are not
limited to, interpretation and implications of drilling and
geophysical results; estimates regarding timing of future capital
expenditures and costs towards profitable commercial operations.
Other factors that could cause actual results, developments or
events to differ materially from those anticipated include, among
others, increases/decreases in production; volatility in metals
prices and demand; currency fluctuations; cash operating margins;
cash operating cost per pound sold; costs per ton of ore; variances
in ore grade or recovery rates from those assumed in mining plans;
reserves and/or resources; the ability to successfully integrate
acquired assets; operational risks inherent in mining or
development activities and legislative factors relating to prices,
taxes, royalties, land use, title and permits, importing and
exporting of minerals and environmental protection. Accordingly,
undue reliance should not be placed on forward-looking statements
and the forward-looking statements contained in this press release
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements contained herein are made
as at the date hereof and the Company does not undertake any
obligation to update publicly or revise any such forward-looking
statements or any forward-looking statements contained in any other
documents whether as a result of new information, future events or
otherwise, except as required under applicable security law
This information is provided by RNS
The company news service from the London Stock Exchange
END
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