Jubilee concludes second tranche payment for DCM rights
Dual-listed Jubilee Platinum’s share price on the JSE surged nearly 8% last week as the mine-to-metals specialist announced the receipt of funding offers for two of its surface projects and firm offers for its noncore nonplatinum assets, while it concluded the second of three share-payment tranches for the acquisition of Pollux Investment.
The company paid out R4-million through the issue of 9.9-million ordinary shares, at 39.9c apiece, in the second tranche of the three-phased R10.9-million acquisition of Lipsoset’s 25% share of Pollux, CEO Leon Coetzer said in an update to shareholders last week.
The acquisition will bring Jubilee’s interest in the owner of the exclusive rights to beneficiate the platinum-group metals from the platinum-containing chrome tailings from ASA Metals’ Dilokong chromite mine, in Middelburg, to 100%.
This followed the share-payment of the first tranche, in November, of shares equivalent to the value of R5.3-million.
A further 17-million new ordinary shares were also issued at an average price of 39.9c a share to settle debt of R6.8-million on behalf of Jubilee’s subsidiaries.
The payment of the final tranche will be announced in due course.
Meanwhile, Jubilee has received a credit-approved project-funding offer from a financial institution to bring its two platinum surface tailings projects, with a targeted production of 42 000 oz, into production in 2016.
“The company is currently reviewing the finance offers received and will conclude a decision shortly and update the market accordingly,” Coetzer said.
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