Business
Additional Funding Secured
Additional Funding Secured.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 2414W Jubilee Platinum PLC 23 December 2013 \n \n\nRegistration number (4459850) \nAltX share code: JBL\nAIM share code: JLP \nISIN: GB0031852162 \n \nNot for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.\n \n23 December 2013\nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\n \nJubilee secures funding for the expansion of the Middelburg Smelters and \nSettlement of power station debt \n \nJubilee, the AIM and AltX quoted Mine-to-Metals Company, is pleased to announce the conditional placing of convertible loan notes (\"Loan Notes\") to Darwin Strategic Limited (\"Darwin\"). The issued Loan Notes are for a total principle par value of £1.85m before expenses.\n \nKey Features of the Loan Notes:-\n· Proceeds will fund the commissioning of the 3rd ARC furnace at the Middelburg Smelters on the back of the new processing agreement awarded to Jubilee as announced on the 5th of December 2013\n· Settlement of all remaining debt held in Jubilee's power plant subsidiary, Power Alt, which enables Jubilee to access all surplus cash flow from the power operations\n· The convertible note results in all of Jubilee's subsidiaries being debt free save for the Loan Notes\nThe commissioning of the 3rd Arc furnace at Middleburg is an integral part of the Company's development plans for the Middelburg Smelter operations with a view to increasing its earnings growth profile. Once commissioned, the Company will have a total of two ferroNickel and one ferroSilicone smelters in operations.\n With new contracts in place (as announced on 5 December 2013), the Company hopes to build on the stron...