Business
Funding Secured for Increased Power Exports
Funding Secured for Increased Power Exports.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 0604T Jubilee Platinum PLC 30 September 2014 \n\nRegistration number (4459850) \nAltX share code: JBL\nAIM share code: JLP \nISIN: GB0031852162 \n \n30 September 2014\nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\n Funding Secured for Increased Power Exports\n \nJubilee, the AIM-quoted and AltX-listed Mine-to-Metals specialist, is pleased to announce that it has secured the funding for the further upgrade of its power export capacity of its subsidiary Power Alt Proprietary Limited (\"Power Alt\"). The purpose of the funding is to support the capital expenditure required to further enhance the electrical infrastructure of Power Alt to enable Power Alt to sustain an export capacity of approximately 11MW to the South African National Power Grid. The increase of the electrical infrastructure project is in line with the Company's strategy to continuously grow its current revenue base through its operational activities. Accordingly the Company has completed a placing of 16 666 667 new ordinary shares of 1 pence each in Jubilee (the \"Placing Shares\") at a price of 1.20 pence per share to raise approximately GBP 200, 000 (ZAR 3,560,000). \nThe proceeds from the issue of the Placing Shares will be used towards the capital investment required to upgrade the electrical infrastructure of Power Alt's power plant including the upgrade of the electrical export cables and control equipment within the external sub-station connecting the power plant the South African National Power Grid. The total capital investment required is estimated at GBP 275 000 (ZAR 4 850 000).\nThe installation of the electrical hardware is expected to be executed over a period of approximately 8 weeks following approval from the local municipality. The increase in capacity equates to a potential monthly increa...