February 27, 2023
Rambler Metals and Mining Canada Inc. and 1948565 Ontario Inc. (collectively, “Rambler Canada”), a copper and gold mining business located in Baie Verte, Newfoundland, obtained CCAA protection on February 27, 2023. In 2020, a combination of the COVID-19 pandemic and decreased copper prices adversely impacted the Rambler Canada’s mining operations. Through 2021, mining operations were vulnerable to limited ore reserves and the continuing effects of the COVID-19 pandemic. Rambler Canada had taken numerous steps to reduce costs and increase efficiencies. Despite these steps, Rambler Canada continued to experience liquidity challenges. Secured creditors are owed approximately US$36.05 million and unsecured creditors are owed approximately US$19.13 million as of January 31, 2023. For these and other reasons, Rambler Canada obtained a CCAA initial order. Grant Thornton Limited was appointed as Monitor. Stewart McKelvey is counsel for Rambler Canada and BLG is counsel for the Monitor.
By Dina Milivojevic