Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

October 20, 2009 07:59 ET

Rambler Metals & Mining Plc: Result of EGM and Admission of Placing Shares

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 20, 2009) - Rambler Metals & Mining PLC (TSX VENTURE:RAB)(AIM:RMM) (the "Company") is pleased to announce that the resolutions proposed to shareholders at the Company's extraordinary general meeting held today were duly passed.

As a result, following the announcement on the 2 October 2009, 27,500,000 Ordinary Shares were placed at 20 pence each (approximately Cdn $0.345 per share) raising Pounds Sterling 5.5 million (Cdn $9.35 million) before expenses.

The Company intends to use the net proceeds realized from the placing to fund the previously announced proposed acquisition of a gold milling facility (the "Facility") from Crew Gold Corporation (TSX:CRU)(OSLO:CRU)(FRANKFURT:KNC)(OTCBB:CRUGF) ('Crew'), for $3.5 million CDN and subsequent engineering work on the Facility. The funding will also enable Rambler to accelerate its programme of assessing additional opportunities to acquire potential gold and base metal properties in the surrounding area.

Admission of the Ordinary Shares to trading on AIM is expected to take place on 21 October 2009. Following the placing, there will be 86,885,000 Ordinary Shares in issue.

About the Company

The Rambler property had been a former underground copper and gold producing property that ceased production when the deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated before being brought into the Company. The Company now owns a 100% interest in the property.

The principal activity of the Group is carrying out development and exploration on the Rambler Property, a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula.

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.

Contact Information

  • Rambler Metals and Mining Canada Limited
    George Ogilvie, P.Eng.
    President and CEO
    Rambler Metals & Mining Plc
    Leslie Little
    Company Secretary
    +44 (0) 14-8341-9942
    Seymour Pierce Limited
    Nandita Sahgal
    +44 (0) 20-7107 8000
    Pelham Public Relations
    Chelsea Hayes/Klara Kaczmarek
    +44 (0) 20-7337-1523 / 20-7337-1524
    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-786 4370