Jubilee Platinum Completes Funding For Surface Platinum-Processing Projects

Jubilee Platinum (JSE:JBL) has completed all required project funding for its two surface platinum processing plants. The chromite recovery section of its first processing project is commissioned and fully operational, while its second processing project is on track  with all long lead items secured.
As quoted in the press release:

The 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.
The 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 million (ZAR 153 million) (“Loan”), with an initial Advance of USD3 million (ZAR 49.5 million) (“Initial Advance”) and a possible Further Advance of USD2 million (ZAR 30.6 million) (“Further Advance”) subject to and upon the terms and conditions contained in the Agreement. The Borrower has agreed to accept and utilise the Initial Advance on the terms and conditions contained in the Agreement, and acknowledges its right to call for a Further Advance as provided for in the Agreement, in order to fund in aggregate its obligations to execute the Two Projects. The Two Projects target a combined processing capacity of 80 000 tonnes per month of surface material with an annual design capacity for the recovery of approximately 33 000 ounces of platinum group metals.

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