Jubilee Platinum PLC
05 April 2005
AIM: JLP
JUBILEE PLATINUM PLC
('Jubilee' or 'the Company')
Jubilee Placing Raises £1.6m
Jubilee is pleased to announce it has raised £1.60 million gross (£1.51 million
net of expenses) in a conditional placing (the 'Placing') with UK institutional
investors arranged by Numis Securities Limited ('Numis'). Under the Placing,
the Company has conditionally placed 4,848,485 new ordinary shares of 1p each in
the capital of the Company ('Ordinary Shares') at a price of 33p per share.
Immediately following the Placing the total number of Ordinary Shares in issue
will be 69,922,828.
The proceeds of the fund raising will allow the Company to progress more
aggressively on-going drilling on its Tjate project in South Africa (in respect
of which the Company published an announcement on 10 March 2005). Jubilee will
advance concurrently as opposed to sequentially its exploration sites in
Madagascar. In Madagascar, Jubilee will be undertaking geochemical and
geophysical exploration as well as trenching and drilling at its prospective
sites at Londokomanana, Pachoud and Lanjanina. The proceeds of the Placing will
also be used for general working capital purposes.
The Placing is subject to a placing agreement between the Company and Numis
becoming unconditional and not being terminated prior to 8 April 2005 or such
later date (being not later than 15 April 2005) as the Company and Numis may
agree. Numis has underwritten the issue. The new Ordinary Shares will rank
pari passu in all respects with the existing Ordinary Shares in issue. The new
shares are expected to be admitted to trading on AIM on 8 April 2005.
Colin Bird, CEO of Jubilee, said 'As reported on 10 March 2005, our initial
results on Tjate were highly encouraging and our recent formal review of results
from Madagascar suggests that an exploration programme run concurrently with the
drilling at Tjate, as opposed to sequentially, should increase shareholder value
more rapidly.'
For further information please contact:
Colin Bird Cathy Malins / Annabel Leather
Jubilee Platinum plc Parkgreen Communications Ltd
Tel: 07768 397 627 Tel +44 20 7493 3713
This information is provided by RNS
The company news service from the London Stock Exchange
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