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Jubilee Platinum PLC Announces Acquisition Of Platinum Australia Limited


Tuesday, 30 Jul 2013 02:00am EDT 

Jubilee Platinum PLC announced that it concludes a Memorandum of Understanding with Macquarie Bank Limited to provide funding in support of the proposed acquisition of Platinum Australia Limited (PLA); and - Jubilee and PLA reached agreement to reduce the consideration for the proposed acquisition whereby PLA shareholders will hold 16.5% of the issued share capital of Jubilee following the implementation of the scheme of arrangement. Jubilee announced the negotiation of a MOU with MBL for a USD10.5 million debt facility secured at project level in support of Jubileeā€™s proposed acquisition of PLA under the Scheme. Jubilee and PLA have further agreed, subject inter alia to the MOU and to PLA shareholder approval, that PLA shareholders will receive one Jubilee share for approximately every 5.68 PLA shares held calculated at current Jubilee shares in issue - significantly reducing the dilution of Jubilee shareholders following implementation of the Scheme. As such, PLA shareholders will hold 16.5% of the issued share capital of Jubilee following the implementation of the Scheme. To give full effect to and to formalise this MOU, PLA and Jubilee have agreed to extend the 'End Date' from July 31, 2013 to September 30, 2013 and the PLA Deed Administrator has adjourned the Scheme meeting called for July 30, 2013 to allow PLA and Jubilee to incorporate the amendments to the Scheme Booklet following both the signing of the MOU and the adjusted scheme consideration. 

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