Business
Project Funding for Surface Platinum Processing
Project Funding for Surface Platinum Processing.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 8190S Jubilee Platinum PLC 22 March 2016 \n\nRegistration number (4459850) \nAltX share code: JBL\nAIM share code: JLP \nISIN: GB0031852162 \n22 March 2016\nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\n \nProject Funding for the Execution of Surface Platinum Processing Projects\n \nHighlights\n· Jubilee completes full project funding for the simultaneous execution of its two surface platinum-processing projects\n· Chromite recovery section of first processing project (\"First Project\") commissioned and fully operational\n· Jubilee's second processing project on track with all long lead items secured (\"Second Project\")\n \nJubilee, the Mine-to-Metals company (\"Parent\") and its subsidiary Jubilee Processing Proprietary Limited (\"Jubilee's Processing Subsidiary\"), are pleased to announce the successful completion of the project funding (\"Funding\") for the execution and commissioning of both its two surface platinum processing projects (\"Two Projects\").\nThe Funding comprises a combination of senior secured debt to a maximum of USD 10 million (ZAR 153 million) (\"Senior Debt\"), unsecured debt to a maximum of USD 5 million (ZAR 76.5 million) (\"Unsecured Debt\") and an equity placing of GBP 2.5 million (ZAR55.2 million). The Funding package allows Jubilee to execute simultaneously the Two Projects targeting the processing of 80 000 tonnes per month of surface material, while still being able to pursue the acquisition or securing of further surface or shallow platinum bearing opportunities.\nThe Senior Debt between Jubilee's Processing Subsidiary (\"Borrower\") and arranged by RiverFort Capital with an established financial institution (\"Lender\") under a loan agreement (\"Agreement\"), in terms of which the Lender has agreed to advance to the Borrower up to USD10 mil...