Business
Agreement with Mitsubishi
Agreement with Mitsubishi.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n13 December 2006\n\n\n\n Mitsubishi Corporation and Jubilee Agree to US$16 Million Investment in\n Jubilee's SA Subsidiary Windsor Platinum Investments\n\n\nJubilee Platinum Plc ('Jubilee' or 'the Company') announces that it and its\nwholly owned South African subsidiary Windsor Platinum Investments (Pty) Limited\n('Windsor') have entered into a Convertible Loan Note Instrument constituting up\nto US$16,000,000 Convertible Loan Notes ('Notes') with Mitsubishi Corporation \n('Mitsubishi'). The Notes are convertible into Windsor shares.\n\n\nHighlights\n\n\n• Mitsubishi intends to invest US$16 million for a strategic stake in\n Jubilee's South African holding company (Windsor)\n\n\n• Initial investment of US$4 million made\n\n\n• Jubilee incurs no debt as a result of investment\n\n\n• Major new partner recognises Jubilee's property value\n\n\n• This investment furthers Jubilee's ambitions for South African\n platinum group metals ('PGM') production\n\n\nColin Bird, Chief Executive Officer of Jubilee, said: 'We are particularly\npleased to have entered into this agreement with Mitsubishi further to the\nlisting of Jubilee's shares on the Johannesburg Stock Exchange. This instrument\nby Mitsubishi provides us with a strong position from which to grow and develop\naggressively our PGM mission in South Africa. Mitsubishi's investment is an\nendorsement of the inherent value of our South African PGM portfolio. This\ntransaction provides significant funding for our South African exploration\nwithout any dilution of Jubilee's share register. We welcome Mitsubishi as a\nsignificant partner in Windsor.'\n\n\n\nMitsubishi said: 'We are pleased to have made this agreement with Jubilee and\nlook forward to working with them on their South African projects.'\n\n\nKey Terms of the Instrument\n\n\n\n• Zero-interest Notes of up to US$16 million in one year\n\n\n• Windsor / Jubilee incur no debt, since failure to convert Notes within\n two years cancels the Notes\n\n\n• US$4 million first tranche Notes immediately payable by Mitsubishi\n\n\n• Second and third tranche Notes in equal amounts of US$6 million each,\n payable in March and September 2007 respectively at Mitsubishi's election\n\n\n• Mitsubishi will have the right within two years from September 2007 to\n convert all or part of the aggregated N...