Business
Nan Tin Agreement
Nan Tin Agreement.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n26 February 2007\n\n Jubilee Platinum Plc\n ('Jubilee' or 'the Company')\n\n Jubilee Acquires Minority Partner's Interest in Madagascan Subsidiary\n\nJubilee is pleased to announce that it has elected, as per a shareholders\nagreement with Nan Tin Polychrome Sarl ('Nan Tin') dated August 2005, to\nexercise its right to purchase 10% (two thirds) of Nan Tin's 15% interest in the\nCompany's Madagascan subsidiary, Mineral Resources of Madagascar Sarl ('MRM')\nand further, to acquire the remaining 5% interest that Nan Tin holds in MRM.\nThe total purchase price is US$2million in either shares or cash at the\nCompany's sole election, payable in stages and on conditions precedent being met\nin full to the Company's satisfaction. Following the satisfactory completion of\nthe transaction, Jubilee will own 100% of MRM.\n\nThe phased payment will be made as follows:\n\n • US$250,000 in cash within 60 days of the conditions precedent being met in\n full\n\n • US$375,000 in cash or shares on or before 30 June 2007\n\n • US$375,000 in cash or shares on or before 31 December 2007\n\n • US$1,000,000 in cash or shares on or before 30 June 2008\n\nThe outstanding conditions precedent are that Nan Tin:\n\n • waives all its future rights in respect of all of MRM's properties\n currently held and or contemplated and gives Jubilee its voting rights in\n all matters and operations regarding MRM; and\n\n • ensures that it transfers its entire shareholding in MRM to Jubilee, and\n that it signs such paperwork and does such things as may be necessary to\n ensure such transfer. Pending the completion of the transfer Nan Tin hands\n over to Jubilee all documents, papers and other items concerning its\n interest in MRM.\n\nColin Bird, CEO of Jubilee commented, 'All our Madagascan properties are making\npositive progress and it is considered appropriate to purchase outright the\nminority shareholder's interest in MRM in order to advance the properties in a\nway that is consistent with Jubilee's strategic objectives.'\n\nFor further information please contact:\n\nColin Bird Cathy Malins / Annabel Leather\nJubilee Platinum plc Parkgreen Communications Ltd\nTel +44 (0) 20 7584 2155 Tel +44 (0) 20 7851 7480\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"...