| Fri 7 Aug 2009, 12:01 | | JBL - Jubilee - Placing For Cash |
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JBL
JUJLP
JBL - Jubilee - Placing For Cash
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number : 4459850
ISIN: GB0031852162
("Jubilee" or "the company")
GBP13.25M PLACING FOR CASH
1. The Placing
The Company is pleased to announce a placing of 44,166,666 new ordinary shares
of 1 pence each in the Company (the "Placing Shares") to raise approximately
GBP13.25 million. The Placing Shares have been placed, subject to the
conditions detailed in 2 below, with a number of institutional investors in
London, including M&G Investments, by FinnCap, the Company`s Nominated Adviser
and broker, at 30 pence per share, being a 23% discount to the 30 day weighted
average traded price of Jubilee`s shares on AIM (the "Placing Price") (the
"Placing"), in a well supported deal.
2. Conditions
The Company has entered into a placing agreement with FinnCap ("the Placing
Agreement") and the Placing is conditional upon:
The proposed acquisition by the Company of the entire issued and to be issued
share capital of Braemore Resources plc ("the Braemore acquisition"), which was
announced on 3 July 2009, having become or having been declared unconditional in
all respects by 16 November 2009. A court hearing to approve the acquisition is
expected to take place on or about 14 October 2009, the results of which will be
published in due course;
2.2 The approval of the Placing, being a specific issue of shares for cash, by
the requisite majority of Jubilee`s shareholders at a general meeting of the
Company to be held on or about 30 September 2009;
2.3 Admission of the Placing Shares to trading on AIM, a market operated by the
London Stock Exchange ("Admission");
The Placing Agreement becoming unconditional in all respects (save for
Admission).
3 Admission and listing
Upon fulfillment of the conditions set out in 2 above, application will be made
to the London Stock Exchange and the JSE Limited ("JSE") for the allotment and
issue of 44,166,666 new ordinary shares of 1p each to be listed on the JSE and
admitted to trading on AIM on or about 16 November 2009. The shares were placed
and will be issued to public shareholders who are not related parties. The new
shares will rank pari passu in all respects with the existing ordinary shares of
the Company.
4. Shareholder approval and financial effects
A circular to shareholders containing the full terms of the Braemore acquisition
and the specific issue of shares for cash in terms of the Placing and convening
a general meeting of Jubilee shareholders will be posted in due course. A
further announcement containing the financial effects of the Placing will be
published shortly.
Colin Bird, Chief Executive Officer of Jubilee, said "I am delighted by the
response shown by the London market. 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."
Johannesburg
7 August 2009
For further information please contact:
Colin Bird
Jubilee Platinum plc
Tel +27 (0) 11 253 3280
Suzanne Johnson-Walsh
/Michael Kinirons
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Brian Christie/Leonard Eiser
Sasfin Capital
Tel +27 (0) 11 809 7500
Clive Carver/Rose Herbert
FinnCap
Tel +44 (0) 20 7600 1658
Johannesburg
7 August 2009
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 07/08/2009 12:01:58 Produced by the JSE SENS Department.
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