Jubilee raises £4.5m to support metals expansion strategy
JOHANNESBURG (miningweekly.com) – AltX- and Aim-listed Jubilee Metals has secured investment from financial institution Miton Group and an international wealth group arranged through Veddis.
The company successfully completed a placing of 125-million new ordinary shares of 1p each in Jubilee at a price of 3.6p apiece, to raise £4.5-million.
The financing, in collaboration with the project financing arrangements with RiverFort Global Capital, will provide both the key equity and project funding support for the expansion envisioned in Jubilee’s global metals strategy.
“Jubilee, having successfully implemented the Hernic and Dilokong Chrome Mines projects, is now poised for rapid expansion in other commodities and into other countries,” said Jubilee CEO Leon Coetzer.
The company aims to secure low-risk, low capital intensive and long-term production from mine waste and is planning to diversify its portfolio to include platinum, chrome, cobalt, copper, zinc, vanadium and gold to hedge income risk.
As part of its metals expansion strategy, the company in October last year entered into an earn-in agreement with BMR Group for the recovery of zinc, lead and vanadium at BMR’s Kabwe project, in Zambia.
Jubilee is currently undertaking due diligence on the project and will decide in February whether or not it wants to proceed with the agreement.
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