Business
Increases interest in the Tja
Increases interest in the Tja.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n RNS Number : 0654X Jubilee Platinum PLC 19 June 2008 \n \n\n19 June 2008 \n \nAIM: JLP\nJSE: JBL\n\nRegistration number: 4459850\nISIN: GB0031852162\n \nJubilee Platinum Plc \n('Jubilee' or 'the Company')\n\n\nJubilee receives final approval to increase direct and indirect beneficial interest in the Tjate Project to 63%\n \nThe Board of Jubilee, the JSE listed and AIM quoted mining exploration and development company, is pleased to announce that the South African Reserve Bank ('SARB') has given its approval for Jubilee to purchase all 5 300 of the 'A' Preference Shares ('New Plats 'A' Preference Shares') with par value ZAR0.01 in New Plats (Tjate) Proprietary Limited ('New Plats'), pursuant to the Preference Share Subscription and Sale Agreement and an Addendum to the Agreement dated 13 May 2008 (the 'Agreements'). This approval, together with the Section 11 approval, previously announced 2 April 2008, completes all the regulatory approvals and conditions precedent necessary for the Agreements. \n\nHighlights:\n\n\n\nJubilee receives final regulatory approval to purchase all of the New Plats 'A' Preference Shares.\n\n\n\n\n\nThis purchase increases Jubilee's beneficial interest in Tjate Platinum Corporation (Pty) Ltd ('Tjate') from 48.72% to 63.00%. \n\n\n\nColin Bird CEO of Jubilee said, 'In completing these Agreements, we have increased our overall interest in the Tjate project to 63%. This transaction enhances value for Jubilee shareholders and we look forward to working with our various partners in Tjate to advance the project to completion of its feasibility study.' \n\nTransaction Details:\n\nThe New Plats 'A' Preference Shares confer on the holders the right to receive all dividends or other distributions declared and/or paid by New Plats to its shareholders in respect of 14.28% of the shares in Tjate held by New Plat...