Equity Placing to Support Targeted Growth

RNS Number : 4645T

Jubilee Metals Group PLC

14 November 2019

 

Jubilee Metals Group Plc

Registration number (4459850)

Altx share code: JBL

AIM share code: JLP

ISIN: GB0031852162

 

14 November 2019

This announcement contains inside information for the purposes of article 7 of the market abuse regulation EU 596/2014 ("MAR").  In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR.  That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

Jubilee Metals Group plc

("Jubilee" or the "Company")

Equity Placing to Support Targeted Growth

Jubilee Metals Group Plc ("Jubilee" or "the Company"), the AIM and Altx traded metals processing company, is pleased to announce that the Company has raised £6.49 million (ZAR 124.45 million) (before expenses) through a placing of 162,208,900 new ordinary shares in the Company ("Placing Shares") at a price of 4 pence per share (the "Placing").  The Placing Shares represent approximately 8.0% of the enlarged issued share capital.

The proceeds of the Placing will be used towards the completion of the chrome and PGM transaction at the Company's Inyoni Operations as announced on 24 October and 5 November 2019 and to implement the Company's targeted expansion plans which includes the Kabwe zinc, lead and vanadium refinery project in Zambia, and the roll-out of the Company's successful fine chrome solution at its DCM Fine Chrome Operations to all of its operations, including Inyoni and Windsor.

Commenting on the Placing, Leon Coetzer, CEO says: "This placing which was significantly oversubscribed was carefully considered by Jubilee to support the acquisition of its chrome and PGM rights at Inyoni while maintaining its capital roll out plan.

"As we announced in our final results earlier today, our earnings continue to show significant growth and the addition of the chrome and PGM rights at our Inyoni Operation not only expands our operational footprint but holds the potential to significantly further enhance our earnings.  

"Our earnings growth for the first three months of the current financial year is showing significant  progress, driven, in part, by the implementation of our Windsor PGM project in late August which is already outperforming our set targets, exceeding 5 000 PGM ounces produced for the month of September alone. We expect to continue on this growth trajectory with the further addition of our chrome and PGM rights at Inyoni and the roll-out of our fine chrome solution which precedes our Zambian based Kabwe project.

"We are thankful for the support we have received from our new and existing shareholders."

Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective on or around 21 November 2019. The Placing Shares will rank pari passu with the existing ordinary shares of 1 pence each ("Ordinary Shares"). 

Following the issue of the Placing Shares, the Company will have 2,017,509,573 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 2,017,509,573 Ordinary Shares 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 under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter (@Jubilee Metals) or contact:

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel [phone] / Tel [phone]

Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/Vassil Kirtchev
Tel: [phone]

Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel [phone]

Joint Broker - WHIreland

Harry Ansell/ Dan Bristowe

Tel: [phone]

Katy Mitchell/Lydia Zychowska

Tel: [phone]

JSE Sponsor - Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel [phone]

PR & IR Adviser - St Brides Partners Limited

Catherine Leftley/ Beth Melluish

Tel [phone]

 

END

 

 

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