Jubilee Gold Exploration Ltd. Receives TSX Venture Exchange Approval for Capital Reorganization and Announces Conversion of Common Shares

TORONTO, Sept. 29, 2014 /CNW/ - Jubilee Gold Exploration Ltd. (TSX.V: JUB) (the "Corporation") today reports that it has received approval from the TSX Venture Exchange (the "TSX-V") for the capital reorganization previously announced on June 4, 2014 (the "Capital Reorganization"). Pursuant to the terms of the Capital Reorganization and by notice to its shareholders dated September 24, 2014, the Corporation has exercised its option to convert all outstanding common shares of the Corporation (the "Common Shares") to a new class of common shares (the "Class A Common Shares") on a 1-for-1 basis. The Class A Common Shares have the same characteristics as the Common Shares prior to the addition of conversion and redemption features approved by shareholders at the annual and special meeting held on May 29, 2014.

Holders of Common Shares ("Shareholders") and holders of unexchanged common shares of the Corporation's predecessor corporations ("Unexchanged Shareholders") will have until November 24, 2014 at 5:00 pm EST (the "Conversion Deadline") to surrender their Common Shares certificates according to the instructions set out in the letter of transmittals sent to Shareholders and Unexchanged Shareholders, copies of which are available on the Corporation's SEDAR page. Holders of Common Shares will send their share certificates and completed letters of transmittal to the depositary, Computershare Investor Services Inc., while Unexchanged Shareholders will send their share certificates and completed letters of transmittal to the Corporation, following which Class A Common Share certificates will be issued.

Immediately following the Conversion Deadline, the Class A Common Shares will be listed on the TSX-V and the Common Shares will be delisted. Any Shareholders or Unexchanged Shareholders that do not convert their shares by the Conversion Deadline will have their shares automatically redeemed at a price of $0.14 per share, the listed closing price of the Common Shares on the day prior to the date of the notice of conversion.

Further details on these matters are set forth in the Corporation's materials accessible on the Corporation's SEDAR corporate profile page.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Corporation's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.

Forward-looking statements are based on the expectations and opinions of the Corportion's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Jubilee Gold Exploration Ltd.

For further information: Sigrid Ades, Secretary-Treasurer and CFO, Office: (416) 364-0042, Email: sades@bellnet.ca


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