SOURCE: Rambler Metals & Mining Plc

June 03, 2016 03:00 ET

Rambler Metals & Mining PLC: Transaction Close

LONDON, UNITED KINGDOM and BAIE VERTE, NL--(Marketwired - Jun 3, 2016) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)

TSXV: RAB

03 June 2016

 Transaction Close

London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company') is pleased to announce the completion of the previously announced Subscription by CE Mining II Rambler Limited ('CEII Rambler'), 100 per cent owned by CE Mining GP II Limited on behalf of CE Mining Fund II L.P., a specialized mining and mineral investment fund, advised by Plinian Capital Limited. Pursuant to the Subscription, CEII Rambler acquired ownership of 261,363,636 new Ordinary Shares (being 63.1% of the issued and outstanding Ordinary Shares) at a subscription price of 4 pence per Subscription Share for gross proceeds of approximately £10.45 million and Warrants to purchase 200,000,000 new Ordinary Shares (being 100% of the issued and outstanding Warrants and, along with the 261,363,636 new Ordinary Shares, 75.1% of the issued and outstanding Ordinary Shares) at an exercise price of 5 pence per Ordinary Share for a period of two years.

The Subscription Shares, Warrants and all Ordinary Shares issuable upon the exercise of Warrants are subject to a hold period, expiring on October 4, 2016, under applicable Canadian securities laws and TSX Venture Exchange policies and the Subscription Shares and all Ordinary Shares issuable upon the exercise of Warrants are subject to a six month lock-in period following Admission, expiring on December 3, 2016, under the terms of the Subscription Agreement. The listing of the Subscription Shares and the Ordinary Shares issuable upon the exercise of Warrants on the TSX Venture Exchange is subject to final acceptance by the TSX Venture Exchange.

In connection with the Subscription, D&D Securities Inc., as broker, will receive a cash commission equal to 2% of the gross proceeds of the Subscription and 1% of the aggregate exercise price of the Warrants.

Rambler intends to use the proceeds of the Subscription to fund the development of the Lower Footwall Zone at Rambler's Ming Copper-Gold Mine and the associated expansion of the copper concentrator, for general working capital purposes and for other matters approved by the board of directors of Rambler.

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http://www.rns-pdf.londonstockexchange.com/rns/1016A_1-2016-6-2.pdf

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