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Jubilee Platinum brings in £600,000 to keep momentum up

Jubilee Platinum brings in £600,000 to keep momentum up
The design phase, as reported in February, has been executed and principal engineering firms have been appointed

Jubilee Platinum (LON:JLP) shares nudged higher after it brought in £600,000 via a placing to maintain momentum on its development projects.

Notably, the firm's platinum surface projects are targeting an estimated 4.4 million tons of platinum containing surface material and it wants to build two chrome and platinum group metals (PGM's) processing plants to process the material at a combined rate of 80 000 tons per month.

The design phase, as reported in February, has been executed and principal engineering firms have been appointed.

Leon Coetzer, chief executive, said: ''I am delighted with the progress made on our platinum surface processing projects and I am looking forward to the execution phase ahead and delivering the company's transformational projects."

The fundraise saw the group issue 37.5mln shares at 1.60p each to raise around 600, 000 (RAND 11.1mln) at current conversion rates.

Shares added 1.41% to stand at 1.80p.

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