To view the PDF file, sign up for a MySharenet subscription.

JUBILEE PLATINUM PLC - Completion of final tranche of the acquisition of 100% of the beneficial interest in the DCM Platinum Project

Release Date: 08/12/2015 15:30
Code(s): JBL     PDF:  
Wrap Text
Completion of final tranche of the acquisition of 100% of the beneficial interest in the DCM Platinum Project

Jubilee Platinum PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
("Jubilee" or the "Company")


Completion of final tranche of the acquisition of 100% of the beneficial interest in the
DCM Platinum Project

Highlights

-100% beneficial interest in the DCM Platinum Project concluded

- 35 000 tons per month processing plant currently under construction

Jubilee, the Mines-to-Metals company, announces the third and final tranche payment to conclude the
acquisition of 100% of the Company’s subsidiary, Pollux Investment Holdings Proprietary Limited
(“Pollux”) for a consideration of R1.0 million (GBP 0.047 million) from Lipsoset Proprietary Limited (“the
Seller”). Pollux holds the exclusive rights to beneficiate the platinum group metals (“PGM’s”) from the
platinum-containing surface material at ASA Metals Proprietary Limited (“DCM Platinum Project,
Processing Agreement”).

The Company has targeted the construction of a New Processing Plant for the recovery of chrome and
PGM’s capable of processing up to 35 000 tons of surface material per month. The Company executed
an addendum to the Processing Agreement (“Addendum”), whereby the Company is incentivised to
accelerate the construction and commissioning of the New Processing Plant by targeting
commencement of commissioning of the front end of the New Processing Plant early 2016. The
Addendum significantly enhances and expedites the projected profitability of the project since both the
chrome concentrate and platinum containing concentrate will now contribute to the overall profitability
of the DCM Platinum Project.

On 3 November 2014, Jubilee announced that it acquired 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 (GBP0.507 million, using current conversion rates of ZAR21.47 to GBP1.00). 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) were
issued and notified to the market on 3 November 2014. The issue date of the Tranche 2 Sale Shares
defined as “the Second Date” was 30 June 2015. The Tranche 2 Sale Shares were subject to a lock-in
period of 90 days from the Second Date (“Tranche 2 Lock-In”). On 30 June 2015 the Company
announced that the Tranche 2 Consideration of R4.0 million (GBP 0.207 million) was satisfied by the
issue of 9,879,470 Ordinary 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”.

Within 30 days after the expiry of the Tranche 2 Lock-In (“Third Date”), the Tranche 3 consideration of
R1.0 million (GBP0.0465 million) is to be satisfied by the issue of 1 518 710 new Jubilee Ordinary
Shares (“Tranche 3 Consideration Shares”) issued at a price of 3,064 pence per share calculated as a
5% discount to the closing price of Jubilee on AIM on 6 December 2015. The Tranche 3 Consideration
Shares shall be subject to a lock-in period of 90 days from the expiry of the Third Date.
The Tranche 3 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 a total of 1 518 710 Ordinary 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 14 December 2015.

Total voting rights

The Company’s total issued capital after the issue of the Tranche 3 Consideration Shares will be 896
176 480
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

Brokers
Beaufort Securities Limited
John Belliss
 Tel +44 (0) 20 7382 8300

JSE Sponsor

Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0) 11 809 7500


8 December 2015

Date: 08/12/2015 03:30:00 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.

Share This Story