LONDON (Alliance News) - Jubilee Platinum PLC shares rose on Friday after it said its shareholders have approved the company's conditional deal to sell its non-platinum assets at Middelburg in South Africa for ZAR110.5 million, or around GBP5.8 million.
Jubilee shares were up 7.8% at 4.42 pence per share on Friday afternoon.
In mid-July, the company struck a deal to sell the non-platinum assets to Main Street 1347 Pty Ltd, a special purpose vehicle created to acquire the assets. Main Street will acquire Jubilee Smelting and Refining Pty Ltd, a Jubilee-owned subsidiary which owns the Middelburg Smelter Complex, and Power Alt Pty Ltd, which owns the power plant at the site.
The proceeds from the sale will be used to fund the capital required for the construction and commissioning of Jubilee's Dilokong chrome mine platinum surface-processing project, also in South Africa.
"The company is pleased to announce that the ordinary resolution proposed at the general meeting held earlier today, to approve the disposal of the company's non-platinum assets, was duly passed," said the company Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Jubilee Metals (JLP)