U.K.-based Rambler Metals and Mining PLC (TSX-V: RAB) (AIM: RMM), a copper and gold producer, has paid down its $10 million credit facility with Sprott Resource Lending Corp. The company attributed the advance repayment to improved cash flow from its Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador. Based in Toronto, Sprott Resource Lending is a natural resource investor focused on mining and oil and gas companies.
Rambler Makes Final Repayment Against Credit Facility With Sprott Resource Lending Partnership
LONDON, UNITED KINGDOM and BAIE VERTE, NEWFOUNDLAND and LABRADOR, CANADA, Mar 03, 2014 (Menafn – Marketwired via COMTEX) –Rambler Metals and Mining plc (‘Rambler’ or the ‘Company’), a copper and gold producer operating in Newfoundland and Labrador, Canada, today announces that following a final payment of CAD 1.0 million on 28 February 2014 the outstanding balance of the Company’s CAD 10.0 million credit facility with Sprott Resource Lending Partnership (‘Sprott’) has been repaid.
Cash resources as at 28 February 2014 were CAD 5.5 million.
Norman Williams, President and CEO, commented:
“This is a tremendous achievement for Rambler and demonstrates its ability to generate free cash flow from its Ming Mine asset. Steady production, coupled with meeting budgeted grades and higher than budgeted copper recoveries, has enabled the Company to meet its cash flow targets and focus on repaying this credit facility ahead of schedule.
“As the Company’s cash position strengthens, the Board of Directors will continue its review of capital allocation resulting from free cash to maximize shareholder value.”
Vice President and Corporate Secretary
Rambler Metals and Mining
Tel No: 709-800-1929
Fax No: 709-800-1921
Stewart Dickson / Jeremy Stephenson
Cantor Fitzgerald Europe
Tel No: 44 (0) 20 7894 7000
Rambler Metals & Mining Plc
Tel No: 44 (0) 20 8652-2700
Fax No: 44 (0) 20 8652-2719
Tim Blythe/Halimah Hussain
Blythe Weigh Communications
Tel No: 44 (0) 20 7138 3204
Ocean Equities Limited
Tel No: 44 (0) 20-7786-4370
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