LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwire) -- 03/27/13 -- Rambler Metals and Mining plc (TSX VENTURE: RAB)(AIM: RMM) ("Rambler" or "the Company") announces that its operating subsidiary Rambler Metals and Mining Canada Limited, as borrower, with Sprott Resource Lending Partnership ("Sprott"), as lender, has agreed to amend the previously announced credit agreement (see press release of 30 September 2011) with repayment now due by 31 March 2014. Of the initial C$10 million secured credit facility ("Credit Facility") made available, Rambler has only drawn C$7.5 million with C$500,000 of this repaid in November 2012. The undrawn commitment of C$3 million of the Credit Facility is available to Rambler until 30 September 2013.
In connection with the amendment to the Credit Facility, an amendment fee of C$400,000 will be paid to the Lender in the form of ordinary shares of the Company. A total of 803,374 Ordinary Shares (the "Amendment Fee Shares") have been conditionally allotted to Sprott at C$0.4979 per share, being the 10 day weighted average price of the Ordinary Shares on the TSX Venture Exchange on 25 March 2013. The Amendment Fee Shares will be subject to a 4 month hold period in accordance with applicable Canadian securities laws.
The application to list the Amendment Fee Shares has been conditionally approved by the TSX Venture Exchange and an application has been made to the London Stock Exchange for the Amendment Fee Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective on 3 April 2013. Following Admission the Company will have 143,235,614 Ordinary Shares in issue.
Upon admission the above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Rambler under the Disclosure and Transparency Rules of the UK Listing Authority.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.
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.
Rambler Metals & Mining Plc
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
Pelham Bell Pottinger
Charles Vivian / Daniel Thole
+44 (0) 20 7861 3921
Ocean Equities Limited
+44 (0) 20-7786-4370
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