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Shareholder nod for Braemore/Jubilee

I-Net Bridge | Thu, 08 Oct 2009 09:37
[] -- Braemore Resources, the nickel and platinum group metal producer, and junior platinum firm Jubilee Platinum on Wednesday said their shareholders had had approved the merger between the two firms.

A court hearing to approve the reduction of capital and sanction the scheme of arrangement is scheduled for October 29, with Braemore's listing expected to be terminated on the JSE by November 9.

The companies originally announced their intention to merge in July 2009.

According to the original announcement, the all-equity transaction involves the issue of one new Jubilee share for every 15.8 Braemore shares held by Braemore shareholders.

This would result in Braemore shareholders effectively holding a 30% pre-capital raising interest in the enlarged entity.

Post the transaction, Braemore will become a wholly owned subsidiary of Jubilee and Braemore's listing on London's AIM and the JSE will be terminated. The companies said the transaction would create an enlarged Anglo-South African mining group with its flagship Tjate Project, located in the Eastern Bushveld of South Africa.

Shares in Braemore closed 16.67% or 4 cents up at 28 cents while shares in Jubilee ended 3.85% or 15 cents firmer at 4.05 rand on the JSE.

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