Project Update and Exercise of Warrants




Jubilee Platinum PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

(“Jubilee” or “the Company”)

 

Project Update and Exercise of Warrants

 

Update on ASA Surface Platinum Chrome Tailings Project and Exercise of Warrants

 

Jubilee, the AIM-quoted and AltX-listed Mine-to-Metals specialist, is pleased to announce that an addendum to the ASA Processing of Tailings Dam Agreement (“the Agreement”) has been executed whereby the Company is incentivised to accelerate the construction and commissioning of the surface processing facility to target commencement of commissioning of the chrome beneficiation section by 31 January 2016.  Under the terms of the Agreement, if the target is met the Company will be paid up to 25% more for every ton of chrome concentrate produced by the chrome beneficiation circuit, which forms part of the platinum beneficiation circuit.  The Company has projected that it will be able to commission the chrome beneficiation portion of the processing plant 5 months earlier than expected, resulting in successfully meeting the target and  earlier than planned cash flows from the its first platinum surface tailings project.  The Company will provide a more detailed update on the progress of its two platinum surface projects as soon as practicable.

 

 The Company also announces that 2 million warrants in the issued share capital of Jubilee (“the Warrant Shares”) were exercised at an average exercise price of 3.15975p (ZAR66.48c) per share calculating to a cash value of GBP 63 195 (ZAR1.3 million).

 

In addition, the Company will issue Ordinary Shares (“Settlement Shares”) on behalf of its subsidiary Braemore Resources Limited, which fully repays all existing debt held in the Company’s subsidiaries. This will allow the Company to focus on the construction and commissioning of its two surface platinum processing projects. A total of 2 706 765 new Ordinary Shares will be issued at a price of 3.4 pence (ZAR 71.4 cents) to settle debt in an amount of GBP0.092million (ZAR 1.9 million).  

 

Application will be made for a total of 4 706 765 Ordinary Shares, representing the Warrant Shares (2 000 000) and the Settlement Shares (2 706 765), to be admitted to trading on AIM (“Admission”) and to be listed on the AltX of the JSE Limited. Admission is expected to occur on or around 30 September 2015.

 

 

 

 

The Company has the following warrants outstanding as at the date of this announcement:

Number of warrants

Exercise price (pence)

 Expiry date

1 875 000

                      1.60000

2018-06-09

6 000 000

                      3.15975

2017-12-24

25 142 936

                      3.15975

2017-12-24

          38 097 689

3.55000

2016-12-23

3 591 742

                      4.75000

2018-08-12

 

Total voting rights

The Company’s total issued share capital after Admission will be 880 854 834  Ordinary Shares. As the Company does not hold any 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 their interest in, or a change to their interest in, the share capital of the Company following Admission.

 

Contacts

Jubilee Platinum plc                         

Colin Bird/Leon Coetzer                  

Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Andrew Sarosi         

Tel +44 (0) 1752 221937   

 

Nominated Adviser

SPARK Advisory Partners Limited

Sean Wyndham-Quin

Mark Brady

Tel: +44 (0)203 368 3555

 

Broker

Beaufort Securities Limited  

Jon Belliss

Tel +44 (0) 20 7382 8416

 

JSE Sponsor

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

 

END