5th Feb 2014 10:37
LONDON (Alliance News) - Jubilee Platinum PLC Wednesday said it has received a notice of exercise from Darwin Strategic Ltd, which wants to convert GBP450,000 of its loan notes into equity at 1.82967 pence a share.
About 24.6 million shares will be issued to Darwin Strategic, which will still retain about GBP1.4 million of convertible loan notes.
Jubilee Platinum also said it remains on track for the March commissioning of its third ARC furnace at its Middelburg Smelter.
"Our focus is on commissioning the third ARC furnace which was enabled through the funding provided by the convertible loan note from Darwin and a milestone for the company," Leon Coetzer, chief executive, said in a statement.
"Once the third ARC furnace is fully operational, our smelting operations are expected to be able to contribute positive cash flow to the group, supporting the company's operational cash flow requirements," Coetzer added.
"The furnace lining is ahead of schedule and is no longer on the critical path for the completion of the furnace resulting in stronger confidence in meeting the targeted time lines." Cotzer saod.
"The furnace is already fully contracted and we are well positioned to quickly switch to platinum-bearing material as the company aggressively explores a range of other opportunities," he added.
Jubilee Platinum shares were Wednesday quoted at 2.35 pence, down 0.08 pence, or 3.1%.
By Samuel Agini; [email protected]; @samuelagini
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