REG - Jubilee Metals Group - Results of Placing and Notice of General Meeting

Jubilee MetalsAnnouncement

15/12/2023 14:00

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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 AMENDED. 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 £10 million to
£13 million (approximately US$16.6 million 1  (#_ftn1) ) 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 (mailto: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 to receive the notice of GM (SA)  Friday, 8 December 2023

 Notice of GM posted to shareholders                                             Monday, 18 December 2023

 Last date to trade in order to be eligible to participate in and vote at the    Friday, 22 December 2023
 GM (SA)

 Record date for the purposes of determining which shareholders are entitled to  Friday, 29 December 2023
 participate in and vote at the GM (SA)

 Record date for the purposes of determining which shareholders are entitled to  Friday, 29 December 2023
 participate in and vote at the GM (UK)

 Latest time and date for receipt of CREST Proxy Instruction and uncertificated  Friday, 29 December 2023
 instructions (UK)
11:00 a.m. (UK time)

 Latest time and date for receipt of Proxy Forms, Dematerialised Holding         Friday, 29 December 2023
 Instruction 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 RNS and SENS                         Wednesday, 3 January 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 Partners Limited           Tel: +44 (0) 20 3368 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 Advisory Proprietary Limited  Tel: +27 (0) 11 011 9207
 Alison McLaren

 

 

 

 1  (#_ftnref1) GBP:USD rate of 1:1.28, as at 11:35 on Friday 15 December 2023

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