Jubilee is ready to increase its stake in its flagship Tjate project to 48.72 per cent, according to reports from Mining Weekly.

The firm will also pay nearly R68.63 million for a 49 per cent share in NewPats, a shareholder of Tjate Platinum Corporation after it received regulatory approval.

As a result, 7.7 million ordinary shares at R8.91 will be issued as Jubilee finds a way to fund the acquisition.

Colin Bird, Chief Executive Officer, said: "We believe this transaction enhances value for Jubilee shareholders and we look forward to working with NewPlats and our other partners in Tjate to advance the project towards completion of its feasibility study.

"In consummating this purchase of an interest in our economic empowerment partner NewPlats, we have increased our beneficial interest in the Tjate project and at the same facilitated economic participation of NewPlats in Jubilee," he explained.

Jubilee had announced in July that it had agreed to increase its stake in the Bushveld based project to 58.8 per cent although this was still subject to necessary approvals.

Source:

Jubilee raises stake in flagship Tjate project, 25/03/08
http://www.miningweekly.co.za/article.php?a_id=129703

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