Metals processing company Jubilee Metals has raised £13m (R302m) — £3m more than it was aiming for — after placing new shares on Monday. It aims to use the funds for its Zambian copper operations.

The company, valued at about R4.4bn on the JSE, issued about 236.4-million new shares at 5.5p a piece, a discount of about one-fifth to the share price, as part of a bookbuild process. The company now has just under 3-billion ordinary shares in issue...

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