Rambler Invests in Marathon Gold
04 Dezembro 2013 - 2:18PM
Marketwired
Rambler Invests in Marathon Gold
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND
LABRADOR--(Marketwired - Dec 4, 2013) - Rambler Metals and Mining
plc (TSX-VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company'), a
copper and gold producer operating in Newfoundland and Labrador,
Canada, today announces that it has entered into a subscription
agreement (the "Subscription Agreement") with Marathon Gold
Corporation (TSX:MOZ) ('Marathon') for common shares of Marathon by
way of a non-brokered private placement of a guaranteed
subscription of $500,000 with an option to invest an additional
$1.5 million going forward.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource development company
focused on the Valentine Lake property in central Newfoundland.
Marathon's mission is to rapidly advance the Valentine Lake
project. For more information visit: www.marathon-gold.com.
The Valentine Lake property itself, owned 100% by Marathon Gold
Corporation, hosts two well defined gold deposits with NI 43-101
compliant resources: the Leprechaun Gold Deposit and the Victory
Gold Deposit. The Leprechaun Gold Deposit is located near the
south-western end of the Valentine Lake property, and the Victory
Gold Deposit is located 13 kilometers along strike to the
north-east, Newfoundland, Canada. These gold deposits form part of
a 23 km long, highly prospective gold-bearing mineralized corridor
focused along the Valentine Lake Thrust Fault.
The terms of this financing are set out below:
- Rambler will purchase 1,176,470 common shares at a price of
$0.2125 per share, for total proceeds of $250,000. The share price
for this subscription, which will close on or before December 11,
2013, subject to TSX approval is at a 10% premium to the 60-day
volume-weighted average price ("VWAP") of Marathon's shares prior
to the signing of the Subscription Agreement.
- Rambler will subsequently subscribe for additional common
shares with a value of $250,000. The share price for this
subscription, which will close no later than April 30, 2014, will
be the greater of a 10% premium to the 60-day VWAP or a 10% premium
to the 5-day VWAP on the day prior to Rambler giving notice of its
intention to subscribe these shares.
- Marathon has granted Rambler rights to purchase additional
shares in four quarterly tranches of up to $375,000 per tranche
commencing May 1, 2014 (the "Rights"). The pricing applicable to
all investments pursuant to the Rights will be the greater of a 10%
discount to the 60-day VWAP or a 10% discount to the 5-day VWAP on
the day prior to Rambler giving notice of its intention to
subscribe these shares. If Rambler does not exercise its purchase
rights in any quarter, they may elect to carry such rights forward
for an additional three months subject to Marathon's consent under
the same pricing conditions as the quarterly terms.
- Marathon has granted Rambler the right to participate in future
financings to maintain its proportionate interest in Marathon's
shares, and Marathon and Rambler have agreed that any investments
both pursuant to the Rights and subsequently to March 31, 2016 will
be capped such that Rambler's interest remains below 20%, except by
mutual agreement.
- There are no finder's fees or other costs associated with this
financing.
Phillip Walford, President and CEO of Marathon commented,
"We are pleased that Rambler has decided to invest in
Marathon. This is a strong endorsement of the Valentine Lake gold
project by a company mining in western Newfoundland. Their
operating technical skills and experience in operating on the
island are of value to Marathon as we progress to an economic
study. We look forward to a beneficial relationship with Rambler.
The funding will provide for a drilling program in January to
expand the open pit resources at the Victory Deposit and to test
the new mineralization at Sprite."
George Ogilvie, President and CEO of Rambler Metals and Mining
commented,
"The Marathon team has done an excellent job in bringing the
Valentine Lake project to this stage while identifying a
significant unexplored trend of mineralization that could add
further potential to the project. We are happy to provide whatever
technical guidance they request of us however we are content to
continue to watch this project grow under the expertise and
guidance of the management team in place. This is an investment in
a company with a track record of success and we are proud to be
supporting their goal in whatever manner we can."
For more information on Marathon and the Valentine Lake gold
project see Marathon's website at www.marathon-gold.com.
About Rambler Metals and Mining
Rambler is a mining and development Company that in November
2012 brought its first mine into commercial production. The group
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's Vision is to be Atlantic Canada's leading mine
operator and resource developer through the expansion of the Ming
Mine, discovering new deposits and through mergers and
acquisitions. Rambler listed on the London AIM in 2005 and Toronto
TSX-V in 2007.
Website: www.ramblermines.com
Larry Pilgrim, P.Geo., is the Qualified Person responsible for
the technical content of this release and has reviewed and approved
it accordingly. Mr. Pilgrim is an independent consultant contracted
by Rambler Metals and Mining Canada Limited. Tonnes referenced are
dry metric tonnes unless otherwise indicated.
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.
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 law.
Rambler Metals and MiningGeorge Ogilvie, P.Eng.President and
CEO709-800-1929 or 709-800-1921Rambler Metals & Mining
PlcCorporate Office+44 (0) 20 8652-2700+44 (0) 20
8652-2719www.ramblermines.comCantor Fitzgerald EuropeStewart
Dickson / Jeremy Stephenson+44 (0) 20 7894 7000Blythe Weigh
CommunicationsTim Blythe/Halimah Hussain+44 (0) 20 7138 3204Ocean
Equities LimitedGuy Wilkes+44 (0) 20-7786-4370
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