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Rambler raises £1.87m in new shares
StockMarketWire.com
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Rambler Metals and Mining has raised £1.87m through the placing of 9,329,600 new ordinary shares.
With the proceeds of this Placing, the intention is that Rambler has sufficient capital until the conclusion of the debt financing with Newgen Resource Lending Inc.
That debt financing is scheduled to close at the end of August 2021.
The funds will be used to continue to fund mine development including contractor development required to set up the Lower Footwall Zone, which will support production through 2021 and 2022 and additional working capital.
CEO Toby Bradbury CEO said: 'This placing was required to bridge the financial requirements of the Company to the closing of the debt facility with NewGen which is expected by the end of August 2021.
'Delays to supplies for the operation as a downstream impact of Covid-19 and the ongoing competition for skilled resources make it prudent to supplement the company's finances at this time.'
At 1:08pm: (LON:RMM) Rambler Metals and Mining PLC share price was 0p at 0.24p
Story provided by StockMarketWire.com
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