26th Feb 2007 08:00
Jubilee Platinum PLC26 February 2007 Jubilee Platinum Plc ("Jubilee" or "the Company") Jubilee Acquires Minority Partner's Interest in Madagascan Subsidiary Jubilee is pleased to announce that it has elected, as per a shareholdersagreement with Nan Tin Polychrome Sarl ("Nan Tin") dated August 2005, toexercise its right to purchase 10% (two thirds) of Nan Tin's 15% interest in theCompany's Madagascan subsidiary, Mineral Resources of Madagascar Sarl ("MRM")and further, to acquire the remaining 5% interest that Nan Tin holds in MRM.The total purchase price is US$2million in either shares or cash at theCompany's sole election, payable in stages and on conditions precedent being metin full to the Company's satisfaction. Following the satisfactory completion ofthe transaction, Jubilee will own 100% of MRM. The phased payment will be made as follows: • US$250,000 in cash within 60 days of the conditions precedent being met in full • US$375,000 in cash or shares on or before 30 June 2007 • US$375,000 in cash or shares on or before 31 December 2007 • US$1,000,000 in cash or shares on or before 30 June 2008 The outstanding conditions precedent are that Nan Tin: • waives all its future rights in respect of all of MRM's properties currently held and or contemplated and gives Jubilee its voting rights in all matters and operations regarding MRM; and • ensures that it transfers its entire shareholding in MRM to Jubilee, and that it signs such paperwork and does such things as may be necessary to ensure such transfer. Pending the completion of the transfer Nan Tin hands over to Jubilee all documents, papers and other items concerning its interest in MRM. Colin Bird, CEO of Jubilee commented, "All our Madagascan properties are makingpositive progress and it is considered appropriate to purchase outright theminority shareholder's interest in MRM in order to advance the properties in away that is consistent with Jubilee's strategic objectives." For further information please contact: Colin Bird Cathy Malins / Annabel LeatherJubilee Platinum plc Parkgreen Communications LtdTel +44 (0) 20 7584 2155 Tel +44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jubilee Metals