StockMarketWire.com - Gold and copper miner Rambler Metals and Mining said it had agreed to source $5m of funding from a convertible loan.

The investors included CE Mining III Rambler and Lombard Odier Asset Management.

The company also booked a pre-tax loss for the six months through June of $6.8m, narrowing from an on-year loss of $10.7m, as revenue rose 29% to $17.5m.

Proceeds of the funding would be used to provide capital for a move to improved tonnage and grades, reduce debt and strengthen the company's working capital position.

The loan notes had an interest rate of 7% per annum and would mature on the first business day prior to the first anniversary of their issuance.

They were convertible, in whole or in part, at the election of the investors at a price of 1.4p per share.

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