Jubilee Metals Group has raised £4.5m through a placing with the Miton Group and international wealth group arranged through Veddis.
The institutional funding follows a collaborative effort between Jubilee and Riverfort Global Capital as part of the development of the company's global metals strategy, to attract equity investment from blue-chip financial institutions alongside the structured project debt funding arrangement. The company said it had successfully completed a placing of 125 million new ordinary shares at 3.6p apiece. The placing included the issuance of 62,500,000 warrants priced at a premium of 70% of the placing price or 6.12p per warrant share valid for a period of five years.
Chief executive Leon Coetzer said: 'The investment from such eminent financial institutions is in recognition of Jubilee's success in the recovery of metals from surface materials and tailings and validates the company's strategy to establish itself as leading global processor of such metals.
'The investment is a key enabler to achieving the targeted growth strategy of the company and is a strong vote of confidence in the Jubilee team and our ability to deliver this strategy.
'This institutional support is a mixture of fund manager and family wealth, which encourages me immensely.
'I believe this initial institutional entry has the potential to be followed by others and it is my intention in 2018 to provide the platform of confidence, which will attract further investment.
'Jubilee having successfully implemented the Hernic and DCM projects is now poised for rapid expansion in other commodities and into other countries.'
At 9:29am: (LON:JLP) Jubilee Platinum PLC share price was +0.23p at 3.75p