27th Sep 2018 14:50
LONDON (Alliance News) - Jangada Mines PLC said on Thursday it has agreed a fundraise package of GBP2.1 million to advance its Pedra Branca platinum group metals project.
The fundraise includes a placing to raise GBP1.1 million; an agreement with minerals processing consultancy firm, Consulmet, to accept shares in lieu of fees on completion of work undertaken at the project; and the draw down of a 12-month unsecured loan facility from Celtic Capital Pty Ltd, as trustee for Celtic Capital Trust, for up to USD1 million.
The placing will see up to 35.0 million new shares issued at a price of 3p each and 35.0 million warrants exercisable until October 15, 2020.
"This GBP2.1 million package represents a further step forward for the company as it continues to focus on the development of the Pedra Branca PGM Project in Brazil," said Chairman Brian McMaster.
"The funds raised via the placing will enable us to complete various upcoming surveys and to progress a robust bankable feasibility study. We are confident that this work will further confirm the potential of the project to be a world class polymetallic project," he added.
Shares in Jangada Mines were down 7.9% at 2.97 pence on Thursday.
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