Rambler Metals & Mining PLC Operational Update (7621U)
30 Marzo 2023 - 1:33AM
UK Regulatory
TIDMRMM
RNS Number : 7621U
Rambler Metals & Mining PLC
30 March 2023
Rambler Metals and Mining PLC / AIM: RMM / Sector: Natural
Resources
30 March 2023
Rambler Metals and Mining PLC
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 that
its wholly-owned subsidiary Rambler Metals and Mining Canada
Limited ("RMMCL") which has been operating under the protection of
the Companies' Creditors Arrangement Act ("CCAA") since 27 February
2023 pursuant to an Amended and Restated Initial Order most
recently amended on 15 March 2023 (the "ARIO") by the Supreme Court
of Newfoundland and Labrador ("Court") has ceased operations at the
Ming Mine, the Nugget Pond Mill and Goodyears Cove effective as of
19.00pm Newfoundland Time 29 March 2023.
RMMCL's cessation of operations was the direct result of a
dispute which RMMCL has with Transamine Trading S.A. ("Transamine")
regarding the payment of approximately US$880,000 that was due from
Transamine on 24 March 2023 and an additional payment of
approximately US$1.78 million that is due from Transamine on or
around 30 March 2023. Transamine has advised Rambler that it does
not intend to make those required payments.
RMMCL along with Grant Thornton Limited ("GT"), who has been
appointed as the Monitor by the Court in the CCAA proceedings for
RMMCL, will be applying to the Court to address Transamine's
failure to pay, the cessation of operations, and further issues
regarding the Sales and Investment Solicitation Process ("SISP") as
soon as possible.
It is not expected that operations will resume for the balance
of the SISP. All employees, suppliers and other stakeholders have
been, or are in the process of being informed, and RMMCL will be
carrying out essential care and maintenance going forward.
The directors of the Company are assessing the impact on Rambler
Metals and Mining plc and will provide further updates in due
course.
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 targeted 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.
Caution Regarding Forward Looking Statements:
This press release may include forward-looking statements, which
reflects the Company's current expectations regarding future
events. Forward-looking statements include, but are not limited to,
statements regarding the development and implementation of the
Strategic Process and its potential impact and outcomes; the
process for developing the Strategic Process and seeking Court
approval thereof; the ability to identify and implement any sale or
restructuring transaction in connection with the Strategic Process
and the CCAA Proceedings; the Company's intended actions during the
CCAA Proceedings; and the effect of the CCAA Proceedings. Such
statements are based on current expectations of the Company's
management and inherently involve numerous risks and uncertainties,
known and unknown, and there can be no assurance as to the outcome
of the Strategic Process and the CCAA Proceedings. In particular
and without limitation, there can be no assurances as to: the
ability of the Company to obtain all necessary approvals in order
to complete any sale or restructuring transaction identified in
connection with the Strategic Process and the CCAA Proceedings; the
stay of proceedings having the effect contemplated by the Company
in providing it with additional time to pursue the Strategic
Process; the ability of the Company to operate in the ordinary
course during the CCAA Proceedings, including with respect to
satisfying obligations to service providers, suppliers, contractors
and employees; the ability of the Company to continue as a going
concern; the Company's future liquidity position, and access to
capital, to fund ongoing operations and obligations; the ability of
the Company to stabilize its business and financial condition; the
ability of the Company to implement and successfully achieve its
business priorities; the ability of the Company to comply with its
contractual obligations, including, without limitation, its
obligations under debt arrangements; the ability of the Company to
generate sufficient cash flow from operations; the impact of
competition; the ability of the Company to obtain and retain
qualified staff, equipment and services in a timely and efficient
manner (including in light of the Company's restructuring efforts);
and the ability of the Company to retain members of the senior
management team, including but not limited to, the officers of the
Company.
Rambler is listed in London under AIM: RMM.
For further information, please contact:
T oby Bradbury Celeste Van Tonder T im Sanford. P. Eng.
President and CEO CFO VP & Corporate Secretary
Rambler Metals & Mining Rambler Metals & Mining Rambler Metals & Mining
Plc Plc Plc
Tel No: +1 (709) 800 Tel No: +1 (709) 800 Tel No: +1 (709) 532
1929 1929 5736
Fax No: +1 (709) 800 Fax No: +1 (709) 800 Fax No: +1 (709) 800
1921 1921 1921
Nominated Advisor (NOMAD)
Ewan Leggat, Kasia
Brzozowska
SP Angel Corporate
Finance LLP
Tel No: +44 (0) 20
3470 0470
Website: www.ramblermines.com
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END
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