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Tranche 2 of beneficial interest in DCM platinum recovery project
Jubilee Platinum PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company”)
COMPLETION OF TRANCHE 2 OF THE ACQUISITION OF 100% OF THE
BENEFICIAL INTEREST IN THE DCM PLATINUM RECOVERY PROJECT
Jubilee, the Mines-to-Metals company, announces the second of three tranche payments to
acquire 100% of the Company’s subsidiary, Pollux Investment Holdings Proprietary Limited
(“Pollux”) from Lipsoset Proprietary Limited (“the Seller”) for a consideration of R4.0
million (GBP 0.207 million). Pollux holds the exclusive rights to beneficiate the platinum
group metals (“PGM’s”) from the platinum containing chrome tailings at ASA Metals Pty Ltd
(“DCM Platinum Project”). The phased acquisition of Pollux aligned with Jubilee’s objective
to minimize shareholder dilution in-line with the Company’s value growth.
Highlights
- Increases in beneficial interest in the DCM Platinum Surface Project
- Received two funding offers for the completion of both Platinum Surface Projects
- Jubilee reviewing offers received for the acquisition of its non-core, non-platinum
assets
Leon Coetzer CEO says: “Progress to our Mines-to-Metals strategy is accelerating with two
offers received for financing of our surface tailings projects and firm cash offers for our non-
core, non-platinum assets being reviewed.
“These share based payments are consistent with our “fast track” approach to significant
platinum production, securing ownership and ensuring that remaining debt is extinguished.
“We look forward to bringing into operation the two platinum surface projects in 2016
targeting a production of 42,000 ounces of PGM’s.”
Jubilee has received a credit approved funding offer from a financial institution for the project
funding of the two Platinum Surface Projects. The Company is currently reviewing the
finance offers received and will conclude a decision shortly and update the market
accordingly. The finance offered is to bring into operation our Platinum Surface projects. As
announced previously on 26 May 2015, the Company is considering disposing of its non-
core, non-platinum operational assets and has received cash offers for the acquisition of
these assets which are under review by the Board. If executed, the funding from the sales of
these assets will be applied towards the further acceleration and growth of the Platinum
Surface projects.
On 3 November 2014, Jubilee announced that it will acquire a 25% interest in Pollux
represented by 25 ordinary shares of ZAR1 each in the share capital of Pollux (“Sale
Shares”) for a total consideration of ZAR10.9 million (GBP0.564 million, using current
conversion rates of ZAR19.28 to GBP1.00) from the Seller”). The consideration payable by
the Company was to be satisfied by the issue of ordinary shares of 1 pence each in the
Company (“Ordinary Shares”) payable in three tranches. The tranche 1 consideration shares
equivalent to the value of R5.3 million (GBP0.275 million at current conversion rates) were
issued and notified to the market on 3 November 2014].
Further to the announcement made on 3 November 2014, the Company announces that the
Tranche 2 Consideration of R4.0 million (GBP 0.207 million) is to be satisfied by the issue of
9,879,470 Ordinary Shares (“Tranche 2 Consideration Shares”) issued at a price of 2.1
pence per share (ZAR 39.90 cents). The issue date of the Tranche 2 shares is defined as
“the Second Date”.
The Tranche 2 Sale 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.
In addition, The Company will, on a share based payment basis, issue Ordinary Shares on
behalf of its subsidiaries Braemore Resources Limited, RST Special Metals Proprietary
Limited and Pollux, in lieu of debt for services provided (“Settlement Shares”) towards the
developmental and implementation of the platinum beneficiation strategy targeted at bringing
into operation of the two Platinum Surface Processing projects estimated to process 80,000
tons per month of platinum containing surface material. A total of 16,971,461 new Ordinary
Shares will be issued at an average price of 2.1 pence (ZAR 39.90 cents) to settle debt in an
amount of GBP0.356million (ZAR 6.8 million). The issue price represents a 2.3% premium to
the 30 day volume weighted average price of Jubilee as at 22 June 2015.
Application will be made for a total of 26,850,931 Ordinary Shares, representing the Tranche
2 Sale Shares (9,879,470) and the Settlement Shares (16,971,461), 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 6 July 2015. Further announcements will be made in due
course regarding the issue of the balance of the Tranche 3 Consideration Shares and any
surplus shares to be issued.
Total voting rights
The Company’s total issued capital after the issue of the Tranche 2 Sale Shares and the
Settlement Shares will be 776,711,438 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
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham–Quin
Mark Brady
Tel: +44 (0)203 368 3555
Broker
Beaufort Securities Limited
Elliot Hance
Tel +44 (0) 20 7382 8416
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank
Limited Sharon Owens
Tel +27 (0) 11 809 7500
30 June 2015
Date: 30/06/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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