Business
?15 million Standby Equity Distribution Agreement
?15 million Standby Equity Distribution Agreement.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 9262C Jubilee Platinum PLC 15 March 2011 \n \n\n15 March 2011 \n \nJubilee Platinum PLC \nAIM: JLP\nJSE: JBL\nRegistration number: 4459850\nISIN GB0031852162\n \n \n \n \nJubilee Platinum plc \n \n(\"Jubilee\" or \"the Company\")\n \nJubilee secures £15 million Standby Equity Distribution Agreement (\"SEDA\") \n \nThe SEDA will allow Jubilee to seek acquisition opportunities in near term mining projects\n \n \nHighlights\n \n· Jubilee secures acquisition funding source.\n \n· £15 million standby facility secured with fund drawdown and equity distribution controlled by the board.\n \n· This facility enables Jubilee to act promptly on \nopportunities to acquire chrome and platinum properties \nstrategically suitable for ConRoast.\n \n· Current cash in bank of £8 million remains committed to \nJubilee's expanding smelting and on-going project operations. \n \nJubilee announces that it has entered into a £15 million SEDA with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC, further details of which are set out below. \n \nThe funds available under the SEDA will be used by Jubilee to enter into joint ventures with or to acquire small chrome and platinum mines. Such joint ventures or acquisitions complement the ConRoast business by securing concentrate or concentrate purchase.\n \n \n \nCommenting on the SEDA agreement,Leon Coetzer,Chief \nExecutive Officer of Jubilee said:\n \n\"We are delighted to be announcing this standby arrangement for funds of up to £15 million. This will enable Jubilee to take advantage quickly of identified opportunities to acquire small to medium platinum-chrome mines consistent with the ConRoast growth strategy. \n \n\"This facility means Jubilee can acquire suitable targets without recourse to current cash, which is allocated for our on-going Middelburg smelter expansion and project development plans.\" \n \n \nSEDA Facility\n \nSubject to its terms, the £15 mil...