26 May Platinum surface processing projects gain momentum
Jubilee Platinum PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
(“Jubilee” or “the Company”)
Platinum surface processing projects gain momentum
Issue of equity
Jubilee, the AIM-quoted and AltX-listed Mine-to-Metals company, is pleased to announce that it has secured further interim funding to ensure that no momentum is lost in current business development activities with particular attention to the simultaneous execution of the Company’s platinum surface processing projects (“Platinum Surface Projects”).
The Company’s Platinum Surface Projects are rapidly progressing. The design phase, as previously announced on 11 February 2015, has been executed and principal engineering firms have been appointed. Progress made in project engineering has accelerated the execution program, bringing forward the requirement for final execution engineering drawings and potential order placement of long lead items.
The indicative project funding terms received from various financial institutions are currently being considered by the Company’s board, as is the potential sale of the Company’s non-platinum operational assets. The Company will advise shareholders of the outcome at the appropriate time.
Leon Coetzer says ”I am delighted with the progress made on our platinum surface processing projects and I am looking forward to the execution phase ahead and delivering the Company’s transformational projects.”
The Platinum Surface Projects target the processing of an estimated 4.4 million tons of platinum containing surface material. Further current arisings are deposited onto the surface material at an estimated rate of 27 000 tons per month. The Company has targeted the construction of two chrome and platinum group metals (“PGM’s) processing plants capable of processing the surface material at a combined rate of 80 000 tons per month.
Accordingly the Company has completed a placing of 37, 500, 000 new ordinary shares of 1 pence each (“Ordinary Shares”) in Jubilee (the “Placing Shares”) at a price of 1.60 pence (ZAR 29.60 cents) per share to raise approximately GBP 600, 000 (ZAR 11, 100, 000) at current conversion rates.
The Placing Shares have been issued as fully paid and rank pari passu in all respects with the existing ordinary shares, including the right to receive all dividends and other distributions declared on or after the date on which they are issued.
Application will be made for the Placing Shares to be admitted to trading on AIM (“Admission”) and to be listed on the AltX of the JSE Limited, which is expected to take place on or about 9 June 2015.
Total voting rights
Following Admission, the Company’s total issued share capital will comprise 749 860 507 Ordinary Shares. As the Company does not hold any Ordinary Shares in treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify the Company of their interest in, or a change to their interest in, the share capital of the Company following Admission.
Jubilee Platinum plc
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Tel +44 (0)1752 221937
SPARK Advisory Partners Limited
Sean Wyndham-Quin / Mark Brady
Tel: +44 (0)113 370 8975
Beaufort Securities Limited
Elliot Hance – Corporate Broking
Tel: +44 (0) 207 382 8300
Daniel Stewart and Company PLC
David Coffman – Corporate Broking
Tel: +44 (0) 207 776 6550
Sasfin Capital, a division of Sasfin Bank Limited Sharon Owens
Tel +27 (0)11 809 7500
This information is provided by RNS
The company news service from the London Stock Exchange