Rambler Metals & Mining PLC Update -- Creditors Voluntary Liquidation (9816W)
21 Aprile 2023 - 8:00AM
UK Regulatory
TIDMRMM
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:
T oby Bradbury Celeste Van Tonder T im Sanford. P. Eng.
President and CEO CFO VP & Corporate Secretary
Rambler Metals & Mining Rambler Metals & Mining Rambler Metals & Mining
Plc Plc Plc
Tel No: +1 (709) 800 Tel No: +1 (709) 800 Tel No: +1 (709) 532
1929 1929 5736
Fax No: +1 (709) 800 Fax No: +1 (709) 800 Fax No: +1 (709) 800
1921 1921 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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END
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April 21, 2023 02:00 ET (06:00 GMT)
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