Jubilee Platinum restructures capital structure

AIM-listed Jubilee Platinum has announced a restructurning of its capital structure.The main measure is an agreement to place 24.9m new ordinary shares at a price of 1.75p each one to raise appoximately 435,000 pounds.The funds will be directed at fully redeeming notes placed with Darwin Strategic via a cash payment of 950,000 pounds. As well, the firm revealed that it had reached an agreement with Investec for the release of the secured loan which its subsidiary Power Alt Pty was granted, in 2009, via the issuance of 41.3m new shares in the company. The funds had been provided for the construction and commissioning of a power plant. The remaining balance outstanding was 667,000 pounds.In addition, the company's subsidiary Braemore Resources had entered into a non-converting syndicated loan agreement which would be used, in part, towards the completion and commissioning of the 3rd ARC furnace currently under construction at the Company's Middelburg smelter. Leon Coetzer, Chief Executive of Jubilee Platinum, said:"[...] the combination of a straight equity placing with a simple loan agreement is aligned to the expected earnings profile of the company." As of 16:17 the company´s shares were falling 1.27% to the 1.95p mark. AB Jubilee Metals