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JBL
JUJLP
JBL - Jubilee - Acquires Preference Shares in New Plats (Tjate) (Pty) Limited
Jubilee Platinum Plc
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
Jubilee Acquires Preference Shares in New Plats (Tjate) (Pty) Limited
("NewPlats")
The Company announces that the Sale of Shares Agreement announced in December
2006, has been amended whereby Jubilee, subject to South African Reserve Bank
(SARB) approval, has now acquired a 49% interest in NewPlats by way of issue of
Jubilee shares, thereby increasing to 48.72%, the Company`s direct and indirect
interest in Tjate Platinum Corporation (Pty) Limited ("Tjate").
The Company is pleased to announce further that it has now entered into a
Preference Share Subscription and Sale Agreement ("Agreement") to purchase
NewPlats` A Preference shares (`Preference Shares`) by way of issue of Jubilee
shares, subject to SARB and the Department of Minerals and Energy (DME)
approval. On receipt of this approval the Company`s indirect and direct interest
in Tjate will increase to 58.53%.
Highlights:
* This Preference Share Agreement will result in Jubilee holding a further
9.81% indirect interest in Tjate
* Jubilee`s direct and indirect stake in Tjate will increase to 58.53% from
the 48% previously announced in December 2006
* The consideration for the Preference shares will be by way of issue of new
Jubilee shares
Colin Bird CEO of Jubilee said, "In taking this step, we are progressing our
interest in Tjate. This Agreement with NewPlats further cements our relationship
with our economic empowerment partners and Jubilee looks forward to working with
them to advance the project towards development."
Salient Terms of the Agreement
NewPlats shareholders, who have elected to do so, will subscribe pro rata their
interest in NewPlats for Preference Shares at par value.
The Company will purchase all NewPlats Preference shares in issue, the
consideration for which will be by way of issue of 5,507,493 Jubilee shares to
NewPlats.
The Preference Shares confer on the holders the right to receive all dividends
or other distributions declared and/or paid by NewPlats to its shareholders in
respect of 9.81% of the shares it holds in Tjate. Under this Agreement the
Company will have the right, subject to DME approval, to convert the Preference
Shares to equity in Tjate.
Notes to editors:
Jubilee has a 25% interest in Black Economic Empowered Tjate with a right to
subscribe for a further 10% interest on expenditure of ZAR14 million towards
exploration and a feasibility study.
The Tjate project, which has a converted new order prospecting right, comprises
of three contiguous farms, totaling 5,143 hectares in the eastern Bushveld:
namely Dsjate, Fernkloof and Quartz Hill. The farms are down dip of Implats`
operating Marula PGM mine and Anglo Platinum`s developing Twickenham PGM
project. Jubilee has recently completed a positive scoping study of the project
(announced 6 June 2007) based on the first phase of drilling on the Dsjate farm
of seven boreholes, all of which intersected at targeted depths the Merensky
reef and, where drilled deeper, the UG2 reef.
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
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Date: 19/07/2007 08:00:05 Produced by the JSE SENS Department.
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