TIDMRMM
RNS Number : 1159R
Rambler Metals & Mining PLC
27 February 2023
27 February 2023
Rambler Applies for Initial Order for CCAA Protection
Loan and Resumption of Operations
London, England - Baie Verte, 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 the Company has applied for an Initial Order for
creditor protection ("Initial Order") from the Supreme Court of
Newfoundland and Labrador ("Court") under the Companies' Creditors
Arrangement Act ("CCAA").
After careful consideration of the Company's financial position,
all available alternatives to an application for creditor
protection, and following thorough consultation with legal and
financial advisors, the Board of Directors of the Company has
determined that it is in the best interest of the Company and all
of its stakeholders to file an application for creditor protection
under the CCAA.
The Initial Order being sought includes, among other things: a
stay of creditor claims and proceedings in favour of the Company,
court approval of a 13-week cash flow plan and of the Debtor In
Possession ("DIP") financing required to support the operation
while in the CCAA process, and to appoint Grant Thornton Limited as
court-appointed monitor ("Monitor") of the Company and its related
entities, being Rambler Metals and Mining Canada Limited ("RMMCL"),
Rambler Mines Limited ("RML"), and 1948565 Ontario Inc. ("1948").
While under protection, the Company will consider all available
transactional and restructuring options.
Directors and management of Rambler are expected to remain
responsible for the day-to-day operations of the Company, under the
general oversight of the Monitor.
US$5.0 million DIP loan and resumption of operations
RMMCL has entered into a conditional DIP agreement for a loan of
US$5.0 million with RMM Debt Limited Partnership by its General
Partner RMM General Partner Inc., representing certain senior
secured lenders to RMMCL. The DIP is contingent on Court approval
and will be secured by the assets of RMMCL and the guarantors,
including Rambler, 1948, and RML, and will be used to support the
operation while in the CCAA process.
Further to the announcement of 17 February 2023, critical
maintenance work was brought forward for both the process plant and
the mine. Mining operations concentrated on important remedial work
on the access ramp, auxiliary ventilation and maintenance on mobile
mining equipment. At the process plant, relining of both the SAG
and ball mills was brought forward.
The mine is ready to resume and, following the issuance of the
Initial Order, the Company expects full operations at the Ming Mine
to restart on 28 February 2023.
About the Monitor
A Monitor is an independent third party who is appointed by the
Court to monitor the ongoing operations of the Company, RMMCL,
1948, and RML and assist with the filing and voting on any plan of
arrangement or financial restructuring that the Company proposes.
The duties of the Monitor include monitoring the business,
reporting to the Court on any major developments that might impact
the viability of the potential restructuring, assisting in the
preparation of any financial restructuring or plan of arrangement,
notifying the creditors and shareholders of any meetings, and
verifying votes at any meetings.
Further announcements will be made as appropriate.
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 established 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.
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
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.
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END
MSCEAKAXADSDEEA
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February 27, 2023 02:00 ET (07:00 GMT)
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