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Trading Update, Issue of Equity

18 Nov 2014 09:00

RNS Number : 3060X
Jubilee Platinum PLC
18 November 2014
 

AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN GB0031852162 18 November 2014

Jubilee Platinum PLC

("Jubilee" or the "Company")

Jubilee acquires additional shares in its subsidiary Pollux Investment Holdings Proprietary Limited ("Pollux") resulting in a 100% ownership and maximising its beneficial interest in the ASA-Dilokong Chrome Mine Tailings project ("Dilokong Tailings Project")

Jubilee commences trial processing of platinum-containing material

Issue of equity

Highlights

· Jubilee now owns 100% in its subsidiary Pollux

· Pollux holds the rights to the recovery of Platinum Group Metals ("PGM") from the surface material at the Dilokong Chrome Mine ("DCM")

· The DCM surface material is estimated to be in excess of 950 000 tons of material at surface

· Jubilee has commenced with the trial processing of platinum-containing material at its smelter operation

Further to the Company's announcement on 3 November 2014, Jubilee, the AIM quoted and AltX listed quoted Mines-to-Metal company, is pleased to announce that is has entered into a Sale of Shares Agreement with Emerald Panther Investments 48 Proprietary Limited ("Emerald") to acquire Emerald's entire holding in the Company's subsidiary Pollux ("the Transaction"). 

Pollux holds the PGM processing right to the DCM Platinum Recovery Project. As announced on 3 November 2014, Jubilee concluded an agreement with Lipsoset Proprietary Limited to increase its holding to 92.5% in Pollux. After the Transaction Jubilee's shareholding in Pollux will be 100% through the acquisition of this further 7.5% interest in Pollux represented by 8 ordinary shares of ZAR1 each in the share capital of Pollux. The total consideration for the Transaction is ZAR 3.5 million (GBP0.201 million), which is payable through the issue of new Jubilee ordinary shares of 1p each. Further details on the terms of the Transaction are set out below.

Leon Coetzer CEO said:

"The Company is pleased to be increasing its shareholding in Pollux to 100%. The Company believes, as iterated before, that the Company's resultant increase in the DCM Platinum Recovery Project offers tremendous upside value to Jubilee and it is opportune for the Company to be able to maximise its beneficial interest in Pollux at this stage of the project. 

 

"It remains the intention to drive this project to production within the near term and to pursue project funding options for the construction and commissioning of the processing plant. 

 

"I am also pleased to report that we have commenced the processing trials of platinum-containing material at our smelter operations. These trials form part of Jubilee's stated strategy of migrating its smelter operations onto platinum containing material"

 

The agreed consideration for the acquisition is ZAR3.5 million (GBP0.201 million) at current conversion rates, and will to be satisfied by the issue of 15 082 442 new Jubilee ordinary shares ("Consideration Shares"). The Consideration Shares will be issued at a price calculated being the higher of 1 pence and the 10-day historic volume weighted average price on AIM as at 17 November 2014, being 1.3329 pence per share.  The Consideration Shares are subject to a 60 -day lock-in period from the date of issue. 

 

Issue of equity

The Consideration Shares will be issued as fully paid and rank pari passu in all respects with the existing ordinary shares, including the right to receive all dividends and other distributions declared on or after the date on which they are issued.

 

Application will be made for the Consideration Shares to be admitted to trading on AIM ("Admission") and to be listed on the AltX of the JSE Limited, which is expected to take place on or about 24 November 2014.

 

Total voting rights

The Company's total issued capital after Admission will be 637,339,317 ordinary shares. As the Company does not hold any shares in Treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.

 

 

Contacts

Jubilee Platinum plc

Colin Bird/Leon Coetzer

Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Andrew Sarosi

Tel +44 (0) 1752 221937

 

JSE Sponsor

Sasfin Capital, a division of Sasfin Bank Limited Sharon Owens

Tel +27 (0) 11 809 7500

 

Nomad/Broker

Daniel Stewart and Company PLC Emma Earl / David Coffman 

Tel: +44 (0) 207 776 6550

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTUWOWRSVAAARA
Date   Source Headline
20th Aug 20139:30 amRNSIssue of Equity
2nd Aug 20137:00 amRNSUpdate on Disposal
30th Jul 20137:00 amRNSMarket Update
10th Jul 20137:00 amRNSMarket Update
21st Jun 20137:00 amRNSAcquisition of PLA market update
19th Jun 20131:45 pmRNSAcquisition of PLA update
19th Jun 20137:30 amRNSUPDATE ON THE DISPOSAL OF NON-CORE ASSETS
13th Jun 20137:00 amRNSTransaction Update
11th Jun 20139:30 amRNSAcquisition of PLA market update
3rd Jun 201312:30 pmRNSPRO FORMA FINANCIAL EFFECTS
30th May 201311:00 amRNSIssue of shares
28th May 20132:15 pmRNSResults of General Meeting
28th May 20138:45 amRNSDisposal of non-core asset
22nd May 20137:00 amRNSOperations Update
14th May 20134:15 pmRNSDirector's Dealing
3rd May 20137:00 amRNSMerger Update
26th Apr 20132:30 pmRNSCircular and notice of general meeting
25th Apr 20137:00 amRNSDirector Dealing
16th Apr 201311:00 amRNSDirector Dealing
12th Apr 20137:00 amRNSAmendment re Pro forma financial effects
11th Apr 201311:30 amRNSPRO FORMA FINANCIAL EFFECTS
2nd Apr 20137:30 amRNSRestoration - Jubilee Platinum Plc
28th Mar 20136:26 pmRNSInterim Results ended 31 December 2012
28th Mar 20135:38 pmRNSInterim Results
28th Mar 20134:31 pmRNSUpdate re Suspension
28th Mar 20133:30 pmRNSSuspension - Jubilee Platinum Plc
6th Mar 20137:00 amRNSMajor Interest in Shares
6th Mar 20137:00 amRNSMajor Interest in Shares
27th Feb 20137:00 amRNSIssue of Equity
25th Feb 20132:55 pmRNSClarification
25th Feb 20137:00 amRNSTransactional Agreements to acquire PLA
19th Feb 201312:15 pmRNSUpdate regarding proposed merger with PLA
8th Feb 201312:26 pmRNSNotification of major interest in shares
5th Feb 20131:15 pmRNSProposed PLA Merger Update
29th Jan 201312:00 pmRNSProposed PLA Merger Update
25th Jan 20137:00 amRNSIssue of Equity
16th Jan 201312:45 pmRNSUpdate to the Proposed Transaction with PLA
10th Jan 20139:30 amRNSUpdate on Sale of Energy
17th Dec 20123:18 pmRNSResult of AGM
14th Dec 20124:18 pmRNSProposed Merger with Platinum Australia
14th Dec 20127:00 amRNSOperations Update
23rd Nov 20127:00 amRNSNotice of AGM and Posting of Report and Accounts
21st Nov 20127:00 amRNSProcessing Agreements Update
23rd Oct 20124:03 pmRNSTR-1: Notification of major interest in shares
23rd Oct 20124:00 pmRNSTR-1: Notification of major interest in shares
19th Oct 20127:00 amRNSTotal Voting Rights
17th Oct 20127:00 amRNSOperations Update
15th Oct 20127:00 amRNSIssue of Equity
9th Oct 201212:00 pmRNSToll processing tailings agreement
27th Sep 20124:51 pmRNSFinal Results

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