Jubilee Metals Group plc (LON:JLP) has announced its intention to conduct a conditional placing of new ordinary shares in the Company to raise gross proceeds of approximately £10 million (approximately US$12 million), before expenses, by way of the issue of new ordinary shares in the capital of the Company to new and existing eligible investors at a price of 5.5 pence per share.
The following sets out the background to, and the reasons for, the Placing and explains why the Directors consider the Placing to be in the best interests of the Company and its Shareholders as a whole.
Background
As announced on 12 December 2023, Jubilee Metals executed a binding agreement, subject to certain conditions, to progress the strategic investment into a historical copper waste rock dump in Zambia. Early estimates suggest that there could be as much as 350 million tonnes of waste rock material on surface, with preliminary surface sampling returning grades of 1.5% copper.
