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Jubilee, Platinum Australia again extend merger completion date

5th February 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Aim- and JSE-listed Jubilee Platinum and ASX-listed Platinum Australia had again extended the heads of agreement (HoA)  for the possible merging of the two mining companies until February 15.

The parties had agreed to extend the agreement deadline until the implementation agreement for the proposed merger was complete, the mine-to-metal specialist said on Tuesday.

The parties initially extended the terms of the HoA to January 28, as the terms for the settlement of embattled platinum miner Platinum Australia’s senior debt were negotiated. This was reported to be complete.

“The agreement reached with the senior creditor of Platinum Australia allows for the completion of the implementation agreement within the coming days,” said Jubilee CEO Leon Coetzer.

Due diligence investigations were nearing completion and the implementation agreement was in the “final stages of negotiation”, pending completion of accounts for finalising the merger ratios.

The merger was expected to be completed by May, leading to the possible creation of a top-five global platinum producer.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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