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(Alliance News) - Jubilee Metals Group PLC on Wednesday said it raised GBP30 million, equal to ZAR592 million, through a share placing to fund its acquisition of three Zambian projects.
The Berkshire-based metal processing and recovery company unveiled its fundraise plans early Wednesday, revealing later that 187.1 million shares were placed at 16.03 pence, or ZAR3.16. WH Ireland Ltd acted as sole broker.
The triple acquisition will give Jubilee more say in the development of its Zambian copper and cobalt tailings projects and the development of its northern and southern refinery strategies.
The transactions will lift Jubilee's stake in Project Roan to 100% from 80%, Project Elephant to 81% from 58% and Mufulira tailings project to 97%.
Particularly, the acquisition of Project Roan means Jubilee fully owns the southern refining project, which has a 14,000 tonnes per year copper capacity.
"I am delighted to have secured these transactions which each individually are strongly value accretive and add tremendous value to Jubilee's expanding copper and cobalt portfolio in Zambia," said Chief Executive Leon Coetzer.
"Our southern refining strategy is now fully owned by Jubilee capturing 100% of the earnings potential and allowing us the complete flexibility to better integrate Project Roan with the refining capability at Sable Refinery."
The funds will also be put towards the completion of Project Roan, which is set to start commissioning activities from November this year, and accelerating progress at other projects.
The new shares will represent around 7.7% of the Jubilee's issued share capital once admitted to AIM, which is expected to take place by September 21.
Shares in Jubilee were down 1.8% at 16.54 pence in London on Wednesday, and were 0.3% lower at ZAR3.27 in Johannesburg.
By Josie O'Brien; josieobrien@alliancenews.com
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