Rambler Metals enters bridging loan deal with major shareholder

7th May 2020 15:45

(Sharecast News) - Copper and gold explorer, developer and producer Rambler Metals and Mining has entered into a short-term financing agreement with CE Mining III Rambler, it announced on Thursday.
The AIM-traded firm said the bridge loan was for a total of $0.83m, would bear interest at a rate of 10% per annum, and would mature on the later of either 22 June, or on completion of the ongoing fundraising.

It said that fundraising was already at an advanced stage, and was expected to complete by the end of the second quarter.

Rambler noted that CEIII is a substantial shareholder.

"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," the board explained in its statement.

"With a return to profitability and positive cash flow, Rambler will continue advancing engineering studies and capital asset additions to further increase production."

At 0913 BST, shares in Rambler Metals and Mining were up 4.57% at 1.83p.