SOURCE: Rambler Metals & Mining Plc

September 02, 2015 10:52 ET

Rambler Metals & Mining PLC: Purchase Agreement With Off-Take Partner

BAIE VERTE, NL--(Marketwired - Sep 2, 2015) -  Rambler Metals and Mining plc (TSX VENTURE: RAB) (LSE: RMM)

2 September 2015
TSX-V: RAB; LSE: RMM

Rambler Enters Into Purchase Agreement with its Off-take Partner Transamine Trading S.A.

London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc, a Canadian copper and gold producer, explorer and developer (TSXV: RAB; LSE: RMM) ("Rambler" or the "Company") today reports that its operating subsidiary, Rambler Metals and Mining Canada Limited, has entered into an Amended and Restated Purchase Agreement (the "Purchase Agreement") with Transamine Trading S.A. ("Transamine") wherein Rambler has extended its off-take agreement with Transamine with respect to concentrate from the Ming Copper-Gold Mine until 31 December 2021.

Pursuant to the terms of the Purchase Agreement, Transamine has agreed to purchase in advance, at Rambler's option, up to USD $5,000,000 of concentrate (the "Advance Purchase Payments"). The Advance Purchase Payments accrue interest at a rate of three month LIBOR plus 3.5 per cent per annum and will be secured by a second charge against the assets of Rambler's operating subsidiary and guaranteed by the Company. The Advance Purchase Payments will be used for working capital requirements along with the development and construction of Rambler's Lower Footwall Zone optimisation plan (Phase 2) at the Ming Mine.

The first USD $2,000,000 of Advance Purchase Payments was drawn on 31 July 2015 in advance of finalising the terms of the Purchase Agreement with an additional USD $1,000,000 in Advance Purchase Payments available to be drawn until 31 October 2015. The remaining USD $2,000,000 in Advance Purchase Payments, available until 31 October 2015, will be subject to:

i. Rambler having executed a legally binding term sheet between Rambler and a third party financier, providing for financing for the Phase 2 expansion, and
ii. Production levels of concentrate from the Ming Mine having reached five thousand (5,000) dry metric tonnes per quarter.

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/8718X_1-2015-9-2.pdf

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