Jubilee Platinum has announced that it has secured the funding for the detail design and engineering for both its chrome and PGM’s surface processing operations.
The purpose of the funding is to support, inter alia, the conclusion of the detail design and engineering study program to allow the construction of the surface PGM and chrome beneficiation processing plants at both Hernic Ferro Chrome Proprietary Limited (in the North West) and ASA Metals (Dilokong chromite mine, near Burgersfort, in Limpopo). The detail design and engineering studies are expected to be completed by April 2015.
In January the company entered into a Heads of Agreement with Hernic; the world’s 4th largest integrated ferrochrome producer for the beneficiation of the chrome and PGM’s contained in its surface tailings.
The company has targeted project funding for the construction of both PGM processing projects and has, in the interim, engaged with targeted financial institutions while the detail design and engineering studies are completed.
The funding to conclude the detail design and engineering studies for both PGM processing projects have been supported through the issuance of Jubilee shares for cash as well as settling selected creditors in Jubilee’s subsidiaries to release internal funding towards the simultaneous execution of both PGM processing projects.
Jubilee has completed a placing of 49 999 997 new ordinary shares of 1p each in Jubilee at a price of 1.50p per share to raise approximately GBP 750 000 (ZAR 13 177 500) at current conversion rates.
Colin Bird, non-executive Chairman of Jubilee participated in the placing to the value of GBP 20 000 which equates to 1 333 333 shares. This brings Bird’s total shareholding in the Company to 8 516 512 Ordinary Shares representing 1.2% of the Company’s total issued capital.