RMM.L

Rambler Metals & Mining Plc
Rambler Metals & Min - Update – Creditors Voluntary Liquidation
21st April 2023, 06:00
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RNS Number : 9816W
Rambler Metals & Mining PLC
21 April 2023
 

Rambler Metals and Mining PLC / AIM: RMM / Sector: Natural Resources

 

21 April 2023

Rambler Metals and Mining PLC ('Rambler' or the 'Company')

Update - Creditors Voluntary Liquidation

 

London, England, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or the "Company"), announces an update in respect of the Creditors Voluntary Liquidation.

 

As was previously notified on 11 April 2023, the funding that was previously received by Rambler Metals and Mining PLC flowed up from the cash generated by Rambler Metals and Mining Canada Limited ("Rambler Canada"). 

 

As Rambler Canada has ceased to operate, the Debtor In Possession  lenders to the Companies Creditors Arrangement Act, Canada ("CCAA") process stated they will no longer provide funds at the PLC level.  With no funding, Rambler Metals and Mining PLC has no means to continue to operate, cannot pay its debts as they fall due, and so must file for voluntary liquidation.

 

Any surplus to the creditors from the Sales or Investment Solicitation Plan  being conducted pursuant to the CCAA process can still flow back to Rambler Metals and Mining PLC via the liquidator.  There is no certainty that there will be a surplus, but this is the case whether Rambler Metals and Mining PLC is liquidated or not.

 

The ordinary shares of Rambler will still exist pending completion of the liquidation of the Company, despite the cancellation of the Company's ordinary shares to trading on the AIM market, and information regarding the share ownership of the Company will be retained by the Liquidators, should there be any funds to distribute back to shareholders.

 

It is important to provide some level of process certainty that Rambler Metals and Mining PLC be allowed to liquidate in an orderly fashion.  The alternative to a Voluntary Liquidation is a Compulsory Liquidation, a court-lead process that is more expensive, more time-consuming, and would diminish further any potential value for shareholders.

 

All information required by shareholders and creditors has been provided to the respective parties.  If anyone has not received this information, please contact Begbies Traynor at AS-Team@btguk.com

 

 

Rambler is listed in London under AIM:RMM.

Media Contact:

 

Tim Sanford, P. Eng.

VP & Corporate Secretary

Email: tsanford@ramblermines.com

Tel No: +1 (709) 532 5736

For further information, please contact:

 

Toby Bradbury

President and CEO

Rambler Metals & Mining Plc

Tel No: +1 (709) 800 1929

Fax No: +1 (709) 800 1921

Celeste Van Tonder

CFO

Rambler Metals & Mining Plc

Tel No: +1 (709) 800 1929

Fax No: +1 (709) 800 1921

Tim Sanford. P. Eng.

VP & Corporate Secretary

Rambler Metals & Mining Plc

Tel No: +1 (709) 532 5736

Fax No: +1 (709) 800 1921

 

Nominated Advisor (NOMAD)

 

 

Ewan Leggat, Kasia Brzozowska

SP Angel Corporate Finance LLP

Tel No: +44 (0) 20 3470 0470






 

Website: www.ramblermines.com 

 

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