Last checked at 22 Mar 2016 16:14
22 March 2016
Onzima Ventures PLC
("Onzima" or the "Company")
Investment
The Company announces that it has participated in the placing of new ordinary shares by Jubilee Platinum plc ("Jubilee") as announced today as part of a total fundraise of £2.5 million gross.
Jubilee has also today announced the successful completion of debt project funding for the execution and commissioning of both of its two surface platinum processing projects at Dilokong and Hernic in South Africa. The debt funding comprises a combination of senior secured debt to a maximum of USD 10 million (ZAR 153 million) and unsecured debt to a maximum of USD 5 million (ZAR 76.5 million). The total funding allows Jubilee to execute simultaneously its two projects targeting the processing of 80,000 tonnes per month of surface material, while still being able to pursue the acquisition or securing of further surface or shallow platinum bearing opportunities.
Onzima subscribed for 4.7million shares at 2.8p per share for a total sum of approximately £132,000.
Luke Cairns, Director of Onzima, stated: "We are pleased to have taken part in this fundraising at what we consider is an attractive price. Jubilee is at a transformational stage as it looks to move into production at both of its new platinum tailings operations, while its Tjate mine project progresses in the background. Jubilee expects both Dilokong and Hernic to be producing this year thus we anticipate plenty of positive newsflow in the short term."
For further information please contact:
Onzima Ventures PLC Tel: +44 (0) 1732 366561
Gavin Burnell, Luke Cairns
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900
Sandy Jamieson, Liam Murray
Broker
Peterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 0930
Guy Miller, Lucy Williams