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Jubilee Platinum shares rise on securing US$50M for metals recovery business

Jubilee Platinum Plc shares rose by over 11% in early morning trade Aug. 9, after the company announced that it executed a US$50 million project funding agreement to support its metals recovery business.

The company said the funding is structured at the project level to minimize dilution to shareholders.

The funding will be provided by RiverFort Capital Group and includes a commitment for an initial 33-month period, with the potential for an extension.

In exchange for the commitment, Jubilee Platinum granted RiverFort the right to exercise a 2.5% maximum preference equity stake in subsidiary Jubilee Processing.