Jubilee Platinum raises £13.25m

7th Aug 2009 12:03

Miner Jubilee Platinum has conditionally raised £13.25m from a placing at a 19% discount to last night's closing price. It's placing 44.2m shares at 30p each with a number of institutional investors in London, including M&G Investments."I am delighted by the response shown by the London market," said chief executive Colin Bird. "These funds will allow the company to accelerate the integration and development of the enlarged company's assets following the completion of the acquisition of Braemore Resources."The fundraising is conditional on the proposed acquisition of Braemore Resources being declared unconditional in all respects by 16 November.Jubilee announced the purchase of Braemore at the start of July. It's offering one new Jubilee share for every 15.818 Braemore shares held.