Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

October 22, 2009 05:41 ET

Rambler Confirms Closing of Previously Announced Placing

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR--(Marketwire - Oct. 22, 2009) - Rambler Metals & Mining PLC (TSX VENTURE:RAB) (AIM:RMM) (the "Company") is pleased to confirm the closing yesterday of its previously announced placing (by way of private placement), being the issuance of 27,500,000 Ordinary Shares (the "Placing Shares") placed at 20 pence each (approximately Cdn $0.345 per share) raising Pounds Sterling 5.5 million before expenses.

Ocean Equities Limited, acting as Broker to the Company, received a 5% fee payable in cash on the proceeds raised by them (being a fee of £266,650). Seymour Pierce Limited, acting as placing agent to the Company, received a 4% fee payable in cash on the proceeds raised by them (being a fee of £33,540). Blackmont Capital Inc. received a 5% fee payable in cash on the total proceeds of the Canadian portion of the offering (being a fee of Cdn$14,403.75).

Admission of the Placing Shares to trading on AIM took place yesterday. Closing of the placing remains subject to the receipt of final acceptance of the TSX Venture Exchange ("TSX-V"). The Placing Shares issued yesterday may not, without prior TSX-V approval and subject to applicable Canadian securities laws, be sold or traded on the TSX-V, or otherwise in Canada, or to or for the benefit of a Canadian resident for a period of four months ending February 22, 2010.

As a result of the placing, there are 86,885,000 Ordinary Shares of the Company in issue.

Shareholder authority to issue the Placing Shares was obtained at the Company's extraordinary general meeting held on Tuesday, October 20, 2009 (the "EGM"). Also, amendments to the Company's articles of association were approved at the EGM to take advantage and account of the provisions of the Companies Act 2006 relating to electronic communications, disclosure of interests in shares, retirement of directors, directors' duties, shareholder meetings, proxies, and the Company's objects and authorised share capital.

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
    George Ogilvie, P.Eng.
    President and CEO
    Canada Limited
    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