24th Feb 2014 11:52
LONDON (Alliance News) - Jubilee Platinum PLC Monday said it had conditionally raised about GBP435,000 in a placing, as it also said its Power Alt Pty unit had settled a loan with Investec while its Braemore Resources unit had done a non-converting loan deal.
In a statement, the company said it had conditionally placed up to 24.9 million shares at 1.75 pence each, funds it will use to settle a senior convertible loan note it had issued to Darwin Strategic Ltd.
It has also agreed to issue Investec with 41.4 million shares to release Power Alt Pty from a secured loan. The original loan was for GBP3.2 million, and there was about GBP667,000 outstanding.
Braemore Resources' non-converting loan, meanwhile, is syndicated between YA Global SPV Ltd and a co-invested London-based family office. The proceeds will be used in part towards the completion and commissioning of the 3rd ARC furnace currently under construction at the company's Middelburg smelter.
"We are pleased to have concluded successful negotiations to implement a restructuring of the Company's access to funding and liabilities," Jubilee Chief Executive Leon Coetzer said in a statement. "The combination of a straight equity placing with a simple loan agreement is aligned to the expected earnings profile of the company."
Jubilee Platinum shares were down 3.3% at 1.91 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Jubilee Metals