LONDON (Alliance News) - Jubilee Platinum PLC Tuesday said it has conducted a placing to raise funds that will allow the company to develop numerous projects simultaneously, and said it is considering several offers for project financing from numerous financial institutions.
Jubilee said the funding will "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".
Accordingly, Jubilee said it has placed 37.5 million new shares in the company at 1.60 pence per share to raise around GBP600,000. Jubilee shares were up 2.5% to 1.82 pence per share on Tuesday morning.
In addition, Jubilee said it has received indicative project-funding terms from various financial institutions, and they are currently being considered by the company's board. No details regarding the funding were released, and the company said it is also considering the potential sale of the company's non-platinum operational assets to raise further funds.
The company's platinum surface projects in South Africa are "rapidly progressing" and are targeting the processing of 4.4 million tonnes of platinum containing surface material. The company has targeted the construction of two chrome and platinum group metal processing plants capable of processing the surface material at a combined rate of 80,000 tonnes per month.
"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," said Chief Executive Leon Coetzer.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Jubilee Metals (JLP)