POSA will become a strategic investor in Jupiter and will hold 13.00% of JMS’s Ordinary shares following the placement of 48 million new shares to POSA. JMS’s Non-executive Chairman Mr. Geoffrey Wedlock said, “We would like to thank our shareholders for supporting this transaction. POSCO is a highly regarded organisation and a leader in the steel industry and their investment in Jupiter is a strong endorsement of our steel feed strategy. We have funds committed for an aggressive exploration program this year and early sampling results, particularly from our manganese assets, have been very encouraging.” Mr. Wedlock also said that Pallinghurst Resources has confirmed its $AUD50 million commitment to Jupiter to fund its steel feed strategy. “Pallinghurst recognises the potential in Jupiter’s existing asset base, and is supportive of further growth opportunities that we are currently pursuing. Their funding commitment gives us the necessary flexibility to execute our steel feed strategy.” Jupiter will update its shareholders and other potential investors on 22 September 2009 with a presentation on its growth strategy.
JMS Price at posting:
21.2¢ Sentiment: LT Buy Disclosure: Held
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