Business
Tjate Update and Issue of Equity
Tjate Update and Issue of Equity.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 4819P Jubilee Platinum PLC 02 October 2013 \n \n\nJubilee Platinum PLC\nRegistration number (4459850)\nJSE share code: JBL\nAIM share code: JLP\nISIN: GB0031852162\n \n2 October 2013\n \nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\n \nTjate Update \nand \nIssue of Equity \n \n \nProgress on Tjate Mining Application \n \nThe Company is pleased to announce that its subsidiary, Tjate Platinum Corporation (Pty) Ltd (\"Tjate\"), received a Department of Mineral Resources (\"DMR\") notification of acceptance of its Mining Right Application for the Tjate Platinum Mine project. Tjate is consulting with the DMR in this regard, to agree on the timing and deadlines for submission of a scoping report and separately an Environmental Management Programme as required by the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002). \n \nPGM Processing Agreement Executed and Issue of Equity\n \nJubilee has made application to AIM and the JSE Limited (\"JSE\") to list in aggregate 12,628,474 ordinary shares of 1 pence each (\"Ordinary Shares\") as to:\n \n· 11,031,440 Ordinary Shares to Corridor Mining Resources (Pty) Ltd (\"CMR\") in lieu of a ZAR10 million (approximately GBP666,666) payment under the terms of a Treatment of Tailings Agreement, as announced on 21 November 2012, for the acquisition of the sole right to process the platinum group metals (\"PGMs\") from CMR for the Dilokong Chrome Mine tailings (collectively the \"Agreement\"). The shares are being issued at the 30d-volume weighted average price (\"VWAP\") as at 17 September 2013 being ZAR0.9065 (GBP5.77p). This payment includes all future royalties payable to CMR for the next 18 months operations enabling the Company to commence processing of the Dilokong Chrome Mine tailings; and\n \n· 1,597,034 Ordinary Shares to YA Global Master SPV, Ltd pursuant to a SEDA advance notice dated 24 September 2013 for an equivalent amount of GBP84 704 (approximately ZAR1 270 560). \n \nApplication has been made for the 12,628,474 Ordinary Shares to be listed on the JSE (\"Listing\") and admitted to trading on AIM (\"Admission\"). The Listing and Admission is expected to occur on or around 07 ...