Jubilee Metals Group PLC Clarification on BMR Group PLC & the Kabwe Project (7069W)
August 03 2018 - 2:00AM
UK Regulatory
TIDMJLP
RNS Number : 7069W
Jubilee Metals Group PLC
03 August 2018
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company")
Clarification on BMR Group PLC and the Kabwe Project
Project Highlights
-- Kabwe Project remains on track
-- Jubilee to provide funding to continue construction of the Zinc Recovery circuit
-- Kabwe Project implementation unaffected by BMR's delisting
-- Jubilee holds the right to fund the Kabwe Project through a
dilution of BMR's interest in the project
Leon Coetzer, Chief Executive Officer, says: "
The cancellation of admission to trading on AIM of BMR Group PLC
("BMR") does not impact the execution of the Kabwe Project. Jubilee
is already appointed as the project manager and sole operator of
the project, tasked with implementing the Kabwe Project.
The provisions contained in the executed shareholders' agreement
of Kabwe Operations, the company appointed with the sole right to
execute and fund the Kabwe Project, affords Jubilee the right to
continue funding the project to completion. Such funding shall
account towards the dilution of BMR's interest in the Kabwe
Project.
The existing agreements also ensure that the success of the
project remains independent of the financial position of BMR.
BMR and Jubilee have entered into discussions under which
Jubilee has offered to fully fund the completion of the Kabwe
Project against an immediate fixed dilution of BMR's interest in
the project. I look forward to continuing these discussions with
BMR.
As previously discussed, the enhanced flowsheet allows us to
implement the zinc recovery circuit independently of the lead
recovery circuit. I am confident that the team will conclude the
enhanced circuit design and project financial parameters by the end
of Q3 2018. "
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
United Kingdom
3 August 2018
Contacts
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser
SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: +44 (0) 203 368 3555
Broker
Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900
JSE Sponsor
Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPTMMTMBTMTIP
(END) Dow Jones Newswires
August 03, 2018 02:00 ET (06:00 GMT)
Jubilee Metals (LSE:JLP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Jubilee Metals (LSE:JLP)
Historical Stock Chart
From Aug 2023 to Aug 2024