Rambler Metals and Mining Extends Offtake Agreement With Transamine Trading

Rambler Metals and Mining (TSXV:RAB) reported that its operating subsidiary has entered into an amended and restated purchase agreement with Transamine Trading. Transamine has extended its offtake agreement with Rambler to December 31 2021.
As quoted in the press release:

Pursuant to the terms of the Purchase Agreement, Transamine has agreed to purchase in advance, at Rambler’s option, up to USD $5,000,000 of concentrate (the “Advance Purchase Payments”). The Advance Purchase Payments accrue interest at a rate of three month LIBOR plus 3.5 per cent per annum and will be secured by a second charge against the assets of Rambler’s operating subsidiary and guaranteed by the Company. The Advance Purchase Payments will be used for working capital requirements along with the development and construction of Rambler’s Lower Footwall Zone optimisation plan (Phase 2) at the Ming Mine.
The first USD $2,000,000 of Advance Purchase Payments was drawn on 31 July 2015 in advance of finalising the terms of the Purchase Agreement with an additional USD $1,000,000 in Advance Purchase Payments available to be drawn until 31 October 2015. The remaining USD $2,000,000 in Advance Purchase Payments, available until 31 October 2015, will be subject to:
i. Rambler having executed a legally binding term sheet between Rambler and a third party financier, providing for financing for the Phase 2 expansion, and
ii. Production levels of concentrate from the Ming Mine having reached five thousand (5,000) dry metric tonnes per quarter.

Click here for the full press release.