25 Mar Share Acquisition in NewPlats
Posted at 07:00h in RNS
Jubilee Receives Approval to Purchase Shares in NewPlats (Tjate) (Pty) Limited ('NewPlats') Highlights: • Jubilee receives regulatory approval to purchase 49.0% interest in NewPlats. • Jubilee increases its beneficial interest in Tjate to 48.72%. The Company is pleased to announce that the South African Reserve Bank (SARB) has given its approval for Jubilee to purchase a 49% interest in NewPlats (Tjate) (Pty) Limited ('NewPlats'), pursuant to the Sale of Shares Agreement announced 17 July 2007. The SARB approval was the final condition precedent of the Sale of Shares Agreement. This purchase of interest in NewPlats, who are shareholders of Tjate Platinum Corporation (Pty) Limited (Tjate), increases Jubilee's direct and indirect interest in the Tjate Platinum project to 48.72%. The purchase consideration is by way of issue to NewPlats shareholders of 7 702 291 ordinary shares in Jubilee at a price of ZAR8.91 or 63 pence per ordinary share and representing 7.34% of the enlarged issued share capital of the Company. Application will be made to list these shares on the JSE Limited and AIM. The Company also, previously announced 17 July 2007, entered into a Preference Share Subscription and Sale Agreement ('Agreement') to purchase NewPlats' A Preference shares by way of issue of new Jubilee shares. This Agreement is subject to SARB and the Department of Minerals and Energy (DME) approvals, an application for which has been submitted under section 11 of the Mineral and Petroleum Resources Development Act, 2002. The Company is still waiting for these approvals. Colin Bird CEO of Jubilee said, 'In consummating this purchase of an interest in our economic empowerment partner NewPlats, we have increased our beneficial interest in the Tjate project and at the same facilitated economic participation of NewPlats in Jubilee. We believe this transaction enhances value for Jubilee shareholders and we look forward to working with NewPlats and our other partners in Tjate to advance the project towards completion of its feasibility study. For further information please contact: Colin Bird Louise Goodeve/Justine Howarth Jubilee Platinum plc Parkgreen Communications Ltd Tel +44 (0) 20 7584 2155 Tel +44 (0) 20 7851 7480 Andrew Sarosi Jan Bosch / Paul Brett Jubilee Platinum plc Investec Bank (UK) Limited Tel +44 (0) 1752 221937 Tel + 44 (0) 20 7597 5000 Notes to editors: With the conclusion of this transaction, Jubilee owns directly and indirectly 48.72% of Tjate. The Tjate project, which has a converted prospecting right, comprises of three contiguous farms totaling 5,143 hectares in the eastern Bushveld: namely Dsjate, Fernkloof and Quartz Hill. The farms are located adjacent to and down dip of Impala Platinum's operating Marula platinum group metal (PGM) mine and of Anglo Platinum's developing Twickenham PGM project. Jubilee has embarked on a bankable feasibility study following the completion of a positive scoping study of the project (announced 6 June 2007).