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LONDON (Alliance News) - Jubilee Platinum PLC on Wednesday said it has secured funding to construct its two platinum surface projects by raising GBP2.4 million through a share placing.
The company said it placed 71.8 million shares at 3.4 pence each to secure the funding, adding that it expects platinum production in the first half of 2016.
In addition, Jubilee said that 5.8 million warrants at 2p each and 10.6 million warrants at 3.2p each were exercised resulting in a cash value of GBP0.5 million. It also will issue, as a final debt settlement on behalf of its subsidiary Jubilee Smelting and Refining Proprietary Ltd, 1.3 million shares at 4p each, in lieu of services provided towards the development of the surface projects.
"We are pleased to be able to have secured funding for the continued simultaneous execution of its Surface Platinum Projects. The funding package has placed us on a sound footing to transform Jubilee into a significant [platinum group metals] producing company. We continue with our mission to acquire similar projects and enlarge the company's production capacity utilising our knowledge and experience to the best interest of our shareholders," Chief Executive Leon Coetzer said in a statement.
Shares in Jubilee were trading down 14% at 3.93p Wednesday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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