Business
Funding secured for Kabwe Project and Acquisition
Funding secured for Kabwe Project and Acquisition.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 5953T Jubilee Metals Group PLC 21 March 2019 \n\nJubilee Metals Group PLC\nRegistration number (4459850)\nAltX share code: JBL\nAIM share code: JLP\nISIN: GB0031852162\n(\"Jubilee\" or \"the Company\")\n \n \nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).\n \nJubilee secures funding to execute Kabwe Project\nAcquisition of Sable Zinc Refinery\n \n \nJubilee is pleased to announce that it has executed a share purchase agreement for the acquisition of the Sable Zinc refinery in Kabwe Zambia. The refinery is situated immediately adjacent to the large stock piles of zinc, lead and vanadium that Jubilee has contracted from BMR Group PLC. \n \nIn making this agreement the Board is also pleased to announce that they have secured a combination of debt and equity financing to fully complete the transaction and deliver the Company's Kabwe project. \n \nHighlights\n \n· Consideration for the Sable Zinc refinery is GBP 9.16 million (US$12 million) in stage payments\n· The Acquisition reduces the time to build the refinery by some 18 months delivering the first metal within a year from the Acquisition\n· Overall project capital to produce first metal is significantly reduced to some GBP18.32 million (US$ 24 million) \n· The project will ramp up over a two-year period from 20 tonnes to 40 tonnes per hour producing significant amounts of zinc, vanadium and lead\n· Jubilee is financing the Acquisition and ramp up by an equity raising of GBP11.07 million (US$14.5 million) and a secured convertible loan note of GBP6.11 million (US$8 million) \n· The Kabwe project is expected to significantly enhance Company earnings on the back of three revenue producing metals\nLeon Coetzer, Chief Executive Officer, says: \n \n\"I am delighted that, after months of test work, flowsheet design and refinery acquisition negotiations, we can announce the full implementation plan for the Kabwe base metal project. My team and I are looking forward to managing an implementation programme to deliver to our shareholders this outstanding project on time and in budget.\n \nI am particularly pleased that we have b...