Wrap Text
Processing of Dilokong chrome tailings update
Jubilee Platinum PLC
Registration number (4459850)
JSE share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company")
PROCESSING OF DILOKONG CHROME TAILINGS READY TO COMMENCE WITH SECURED
FUNDING
Jubilee, the AIM and JSE Limited (“JSE”) quoted Mine-to-Metals
specialist, is pleased to announce that it has reached a key
milestone in the commencement of processing of the platinum-bearing
Dilokong Chrome Mine (“DCM”) tailings by concluding a funding
arrangement to meet the working capital requirement. Jubilee is
targeting to commence processing within the next three months based
on expected time lines to re-commission the processing plant.
The funding arrangement includes both debt and equity. The debt
component was secured following due diligence by the investor on the
earnings potential of the processing of the DCM tailings, which
allowed Jubilee to reduce the equity funding requirement.
The funding arrangement includes a debt offering of US$10 million, of
which Jubilee will initially only access US$750,000 (“Loan”), the
amount required to commence processing of the DCM tailings.
As part of the funding arrangements, Jubilee has entered into a
subscription agreement with YA Global Master SPV Ltd ("YAGM"),
whereby YAGM will subscribe for 14,204,544 new ordinary shares in the
Company ("Shares") at a price of £0.044 per share raising £625,000
("the Placement”).
Pursuant to the terms of the Loan, Jubilee is obliged to pay YAGM a
facility fee of US$50,000, which Jubilee has elected to satisfy by
the issue of 700,322 ordinary shares in the company to YAGM.
The Placement is subject to the listing of the Shares on the JSE and
the admission of the Shares to trading on the AIM market of the
London Stock Exchange, which is expected to occur on 5 November 2013.
The Company‘s total issued shares will be 385,264,813 after the
Placement and satisfaction of the facility fee. The Shares will rank
pari passu with the existing shares in issue of Jubilee.
Leon Coetzer CEO of Jubilee said: “The funding arrangement secured by
Jubilee is a key step towards the commencement of the processing of
the Dilokong Chrome Mine tailings. Jubilee has targeted an initial
processing rate of 10,000 tonnes per month ramping up to a targeted
25,000 tonnes per month within 4 months of operation. Jubilee is
currently in discussions with the community to access a second road
link to allow the targeted processing capacity to increase to 35,000
tonnes per month.
“The processing of the Dilokong Chrome tailings significantly
enhances Jubilee's earnings capability and brings the Company a step
closer to concluding the proposed Platinum Australia transaction. We
have a strong asset base from which to grow and remain fully focused
on becoming an integrated and operational platinum company.”
Corporate Video
The Company is also pleased to provide shareholders with the
opportunity to watch a recent interview with Jubilee’s CEO Leon
Coetzer, discussing the Company’s development strategy.
It can be viewed through the following link:
http://www.brrmedia.co.uk/event/117216/
The video is also available on the Company's website
ADDITIONAL INFORMATION
Jubilee’s subsidiary Pollux Investment Holdings Pty Ltd (Pollux) was
awarded the processing right to recover the platinum group metals
(PGM) contained in the 800,000 tonnes Dilokong Chrome Mine surface
tailings (DCM Tailings or Tailings). Jubilee concluded a toll
processing agreement in November 2012 (Toll Agreement) with
PhokaThaba Platinum Pty Ltd (PhokaThaba or Smokey Hills), a
subsidiary of Platinum Australia Limited (PLA) (under
administration), for the processing of the Tailings at the Smokey
Hills concentrator. The Toll Agreement enables Jubilee to commence
processing of the Tailings starting at a rate of 10,000 tonnes per
month and ramping up to a targeted 25,000 tonnes per month over a 4
month period.
Contacts
Jubilee Platinum plc
Colin Bird
Tel +44 (0) 20 7584 2155
Leon Coetzer
Tel +27 (0)11 465 1913
Andrew Sarosi
Tel +44 (0) 1752 221937
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Angela Teeling-Smith/Sharon Owens
Tel +27 (0) 11 809 7500
NOMAD
finnCap Ltd
Matthew Robinson/Ben Thompson – corporate finance
Joanna Weaving – corporate broking
Tel +44 (0) 20 7220 0500
Bishopsgate Communications Ltd
Nick Rome/Anna Michniewicz
Tel +44 (0) 20 7562 3350
28 October 2013
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 28/10/2013 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
