Jubilee has inked a memorandum of understanding (MoU) with Macquarie for the credit facility.

Jubilee and PLA have negotiated the terms of acquisition with former agreeing to issue one Jubilee share for every 5.68 PLA shares. With this, PLA stakeholders will hold 16.5% of the issued share capital of Jubilee following the acquisition.

The renegotiated terms are subject to the MOU and to PLA shareholder approval.

Jubilee CEO Leon Coetzer said that the company is delighted with the support extended by PLA’s largest creditor, Macquarie.

"We are fully focused on completing this acquisition and creating a platinum mining group with the potential to be a significant player within the platinum producers in the world," added Coetzer.

"While the implementation period has been extended, we are extremely pleased to have significantly reduced the cost and dilution to Jubilee shareholders and look forward to further updating the market in due course."

Further, PLA and Jubilee have extended closing date of the agreement to 30 September 2013, from 31 July in a bid to give full effect to and to formalize this MoU.