Rambler Metals & Mining raises further C$4.13 million from Tinma International

Rambler Metals & Mining has conditionally raised an additional C$4.13 million (£2.56 micement production and consumption in ethiopiallion) from its China-based strategic investor.

Tinma International, a wholly owned subsidiary of the Chinese investor, has subscribed for 7.2 million shares in Rambler in addition to the 15.6 million shares, which represents an 11.55 percent stake, it already holds.

The placing price of 58 Canadian cents equals 36 pence per share compared with yesterday’s closing price of 33 pence.

Following the placing, Tinma will hold 22.7 million shares in Rambler, giving it a 16 percent stake in the company and the right to nominate a second member to the board.

The proceeds will be used for general working capital purposes and to repay part of Rambler’s debt.

“We are pleased with the support that Tinma has and will provide in these markets,” said president and CEO of Rambler George Ogilvie.

“They have been actively buying our stock since November 2011 and have provided great support during this transitional period from mine developer to mine producer.

“We appreciate their vote of confidence in the operation and management teams and look forward to furthering our relationship through a successful placement.”

The placing came two weeks after Rambler completed a record gold pour of 1,935 ounces at the Ming gold-copper mine in Canada over a two week period.

Milling throughputs over that period averaged 706 wet metric tonnes per day with an average gold grade of 7.39 grams per ton, the highest continuous throughput and grade seen to date.

During the period the mill also broke its previous daily operating record and achieved a rate of 845 mtpd.