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Jubilee Platinum shares rise as it clears hurdle towards merger

Jubilee Platinum shares rise as it clears hurdle towards merger

Jubilee Platinum (LON:JLP) said a liquidation application against a Platinum Australia (PLA) subsidiary has been set aside - paving the way for the completion of its merger with PLA.

Westdawn Investments (trading as JIC Mining Services) applied for the winding up of PhokaThaba Platinum, which owns 65.75% of PLA’s Smokey Hills mine in South Africa but the parties agreed on June 18 to a settlement of £224,500 to be paid to JIC within 14 days.

Investors cheered the news and shares were lifted 8.5%.

It means the first court hearing required to approve the scheme of arrangement for the acquisition of PLA by Jubilee can go ahead tomorrow (June 20) as scheduled.

Jubilee hopes to complete the deal by the end of July.

The merger will create a group that could become one of the top five platinum producers in the world.

It means Jubilee will acquire an operational platinum mine and processing plant supported by a shallow platinum bearing UG2 reef.

Jubilee’s chief executive Leon Coetzer said the deal formed an "enlarged group consisting of operational mining and processing assets and at surface platinum containing chrome tailings and surface stocks, supported by a pipe-line of near surface platinum projects which are all underpinned by the large Tjate platinum project".

"The combination of these assets forms a unique platinum group metals producer free of the burden of deep mining operations," he added.

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