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LONDON (Alliance News) - Jubilee Platinum PLC Tuesday said it has secured funding to upgrade the power export capacity at its subsidiary Power Alt Proprietary Ltd, by raising roughly GBP200,000 in a share placing.
The platinum mining exploration and development company said it placed 16.7 million new shares at 1.20 pence each.
"The purpose of the funding is to support the capital expenditure required to further enhance the electrical infrastructure of Power Alt to enable Power Alt to sustain an export capacity of approximately 11 megawatt to the South African National Power Grid," the company said in a statement.
The company said the total capital investment required is around GBP275,000.
Jubilee Platinum shares closed Tuesday 2% higher at 1.30 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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