Rambler Metals and Mining plc, a junior mining company exercising complete ownership over the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada, announced that it has raised approximately £7.6 million before expenses by way of an oversubscribed placing of 2,545,454,667 new ordinary shares of 0.01 pence each at a price of 0.3 pence per Placing Share.
The net proceeds of the Placing will be used to:
• Add equipment to the mining fleet to further support operations as they return to the optimised mill production capacity of 1,350 tonnes per day (tpd).
• Initiate engineering and planning to support the re-location of the Duck Pond 2,400 tpd flotation plant to the mine site.
• Advance and accelerate exploration drilling within the mine, specifically targeting the high-grade massive sulphide, which returned 70 m of 9% copper when last intersected in Q4 2019.
• Commence the design, construct and commission of a crushing & ore sorting plant at the mine site.
• Upgrade mine site power supply.
• Initiate studies in support of future strategies such as materials handling including hoisting in the existing vertical shaft.
• Upgrade enterprise resource planning (ERP) and financial systems.
• Provide general working capital to further strengthen the Company’s balance sheet.
Below are excerpts from the comments made by Toby Bradbury, CEO, Rambler Metals and Mining plc, on this latest development:
“We are delighted with the market interest in this oversubscribed placing. The funds we have brought in will enable us to accelerate key elements of our strategy at a time of strength in the copper market.
“This year is a transformation year for Rambler. In the past two months, we have made good progress with our turn-around plan. We have resumed development in the lowest levels of the mine with a mining fleet that continues to improve in availability. We have successfully increased the strength of our mining team with excellent recruits in management, supervision, training and operating. This enhanced capability has enabled us to re-evaluate the mine development strategy, internalising certain elements, with cost saving benefits.
“The first diamond drill rig is already in operation with the planned in-fill program underway. With proceeds from this financing, we will look to accelerate and extend the exploration spend in 2021, picking up on our exciting prospectivity and resource conversion potential.”
Clear Capital Markets assisted the company’s corporate broker in this fundraise. If you are interested in raising funds or taking part in future company fundraisings, please contact us.
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