Kabwe and BMR Group PLC ("BMR") Update

RNS Number : 1655Q

Jubilee Metals Group PLC

04 June 2018

 

Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

("Jubilee" or "the Company")

Kabwe and BMR Group PLC ("BMR") update

Jubilee has reached agreement in support of BMR's efforts to resolve the settlement of approved past creditors ("Creditors"), by allowing BMR to allocate a sufficient portion of its existing holding of ordinary shares in Jubilee ("Jubilee Shares") towards settlement of these Creditors in an amount of approximately  GBP597 015 (USD800 000).  All such Jubilee Shares held by BMR will be transferred to a Jubilee nominated Broker account.  To this extent Jubilee has agreed to lift the lock-in period as defined in the Share Subscription Agreement entered into between BMR and Jubilee on 15 January 2018, to allow the transfer of the Jubilee Shares to settle the Creditors.

Leon Coetzer, Chief Executive commented:   

"We are making excellent progress on the Kabwe project with the construction of the primary leach circuit well underway.  Final tests on the ore handling systems are expected to conclude shortly to confirm equipment selection.

Further details on the project will be released following the project presentation to the Zambian Mining Ministry expected to be held on or before 20 June 2018."

United Kingdom

4 June 2018

Contacts

Jubilee Metals Group PLC

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

Nominated Adviser

SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: [phone]

Broker

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

JSE Sponsor

Sasfin Capital, (a member of the Sasfin group)

Sharon Owens
Tel [phone]

 

END

 

 

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