Aim- and JSE-listed Jubilee Metals has completed a placing of existing shares held by Aim-listed lead and zinc mine developer BMR Group to institutional shareholders.
BMR last week announced that it had reached an agreement with Jubilee for the placing of 63.1-million Jubilee shares held by BMR.
The proceeds will be used by BMR to settle all the approved historical BMR creditors.
Jubilee CE Leon Coetzer commented that the support by the institutional investors is based on the company’s record of delivering successful projects and the shared vision of growing a global metals recovery company.