TIDMJLP
RNS Number : 0295X
Jubilee Metals Group PLC
15 December 2023
Jubilee Metals Group PLC
("Jubilee" or "the Company" or "the Group")
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO . 596/2014 AS IT FORMS PART OF
UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Results of Placing
Notice of General Meeting
Investor Webcast
Jubilee is pleased to announce that further to its announcement
of 7.00 a.m. (London time) on 15 December 2023 (the "Placing
Announcement"), that it has successfully closed the Placing.
Result of Conditional Placing
Following strong demand in the bookbuild, the total gross
proceeds from the Placing has increased from the minimum amount of
approximately GBP10 million to GBP13 million (approximately US$16.6
million [1] ) through the placing of 236,363,636 new Ordinary
Shares (the "Placing Shares") with certain institutional and other
investors at a price of 5.5 pence per share (the "Placing
Price").
The Placing is not being underwritten and is conditional, inter
alia, upon:
a) the passing, without amendment, of the Resolution, at the General Meeting;
b) Admission becoming effective by no later than 8.00 a.m. on 4
January 2024 (or such other time and/or date, being no later than
8.00 a.m. on 15 February 2024, as the Joint Brokers and the Company
may agree);
c) the other conditions in the Placing Agreement being satisfied or (if applicable) waived; and
the Placing Agreement not having been terminated in accordance
with its terms prior to Admission.
Use of Proceeds
The Placing is specifically targeting Jubilee's Zambian Copper
operations, in order to accelerate the implementation of our newly
acquired Copper Waste Rock Project in partnership with
International Resources Holdings ("IRH"), as follows:
-- Pay the initial payment of US$1.75 million, due under the
agreement for the acquisition of the copper waste rock dump
announced on 12 December 2023 detailed above and progress resource
and process design (a total of c.US$4.5m).
-- Expand the sulphide recovery circuits at the Company's Sable
Refinery to accommodate increased sulphide concentrate production
from newly acquired projects (c.US$5.7m).
-- Progress the project development phase of the Mufulira slag
project, with early-stage bulk trial and processing
(c.US$2.5m).
-- For general working capital purposes.
WH Ireland and Berenberg acted as joint brokers and joint
bookrunners in connection with the Placing.
Leon Coetzer, Jubilee CEO, commented:
"We have received overwhelming support for this very targeted
fundraise and I thank shareholders for their strong support.
Fundamental to this support was the recognition of the potential
value and scale of copper production that this new copper Waste
Rock Project affords Jubilee. The additional value in accelerating
the implementation of this project over and above our current
commitment to the expansion of both chrome and copper further adds
to this potential value for Jubilee.
This very targeted raise offers us the opportunity to not only
bring forward the expected timelines to implement the very exciting
Copper Waste Rock project, but to potentially scale-up the
projected copper production profile of the project to far exceed
our copper strategy of 25 000 tonnes per annum of copper.
Importantly, under the terms of the executed agreement with the
IRH, our partnership affords us the ability to bring this project
to full fruition with no further capital requirements from Jubilee
while enjoying a fully funded position."
Investor Webcast
Jubilee will be hosting a live webcast via the Investor Meet
Company platform on Wednesday, 20 December 2023 at 10:00 a.m. UK
(RSA 12:00 p.m.).
The webcast will provide investors with a valuable opportunity
to interact with the Company and gain insights into the latest
strategic partnership with Abu Dhabi based International Resources
Holding RSC Limited ("IRH"), and the Placing Announcement.
Investors can sign up to Investor Meet Company for free and add
Jubilee Metals Group Plc to their profile via:
https://www.investormeetcompany.com/jubilee-metals-group-plc/register-investor
Investors who already follow the Group on the Investor Meet
Company platform will automatically be invited.
Questions can be submitted at any time during the live
presentation and can also be submitted at jubilee@tavistock.co.uk
.
Notice of General Meeting
The Company announces that it will despatch a circular and
notice of general meeting to Shareholders, to convene a general
meeting of the Company at 11.00 a.m. on 3 January 2024 at the
offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG.
The circular will be posted to shareholders on Monday 18 December
2023 and will also be made available on the Company's website
https://jubileemetalsgroup.com/ from 18 December 2023.
Salient Dates:
Shareholders on the register who are entitled Friday, 8 December
to receive the notice of GM (SA) 2023
Notice of GM posted to shareholders Monday, 18 December
2023
Last date to trade in order to be eligible Friday, 22 December
to participate in and vote at the GM (SA) 2023
Record date for the purposes of determining Friday, 29 December
which shareholders are entitled to participate 2023
in and vote at the GM (SA)
Record date for the purposes of determining Friday, 29 December
which shareholders are entitled to participate 2023
in and vote at the GM (UK)
Latest time and date for receipt of CREST Friday, 29 December
Proxy Instruction and uncertificated instructions 2023
(UK)
11:00 a.m. (UK
time)
Latest time and date for receipt of Proxy Friday, 29 December
Forms, Dematerialised Holding Instruction 2023
and other uncertified instructions (SA)
1:00 p.m. (SA time)
General Meeting Wednesday 3 January
2024
11:00 a.m. (UK
time)1:00 p.m. (SA
time)
Results of the General Meeting released on Wednesday, 3 January
RNS and SENS 2024
Admission and Total Voting Rights
Subject to the resolution being passed at the General Meeting,
an application will be made to the London Stock Exchange for
admission of the Placing Shares to trading on AIM. It is expected
that Admission will become effective and dealings in the Placing
Shares will commence on AIM at 8.00 a.m. on or around 4 January
2024 (or such later date as may be agreed between the Company and
the Joint Brokers, but no later than 15 February 2024).
The Placing Shares will be issued fully paid and will rank pari
passu in all respects with the Company's existing Ordinary
Shares.
The Placing Shares, assuming completion of the Placing, will
represent approximately 7.95 per cent. of the Enlarged Share
Capital
Following Admission, the total number of Ordinary Shares in
issue will be 2,974,493,617. The Company does not hold any shares
in treasury and, therefore, following Admission, the number of
voting shares in issue in the Company will be 2,974,493,617. This
figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company's share capital pursuant to the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Capitalised terms used, but not otherwise defined in this
announcement, shall have the meanings ascribed to such terms in
Appendix II of the Placing Announcement unless the context requires
otherwise.
For further information please contact:
Jubilee Metals Group PLC Tel: +27 (0) 11 465 1913
Leon Coetzer (CEO) / Neal Reynolds
(CFO)
PR & IR Adviser - Tavistock Tel: +44 (0) 20 7920
3150
Jos Simson/ Gareth Tredway
Nominated Adviser - SPARK Advisory Tel: +44 (0) 20 3368
Partners Limited 3555
Andrew Emmott/ James Keeshan
Joint Broker - Berenberg Tel: +44 (0) 20 3207
7800
Matthew Armitt/ Jennifer Lee/ Detlir
Elezi
Joint Broker - WH Ireland Tel: +44 (0) 20 7220
1670/
Harry Ansell/ Katy Mitchell +44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Tel: +27 (0) 11 011 9207
Advisory Proprietary Limited
Alison McLaren
[1] GBP:USD rate of 1:1.28, as at 11:35 on Friday 15 December
2023
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END
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December 15, 2023 08:53 ET (13:53 GMT)
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