Earlier this week the companies announced they had agreed to the terms of the joint venture, where Jubilee may earn up to a 75 per cent interest in a large portfolio of tenements, including the Acra project.
The Acra project is adjacent to Jubilee’s 60 per cent-owned Emu Lake nickel sulphide project.
Pioneer said that on completion of the deal, which remains subject to a number of hurdles, Jubilee would hold 4.75 million Pioneer shares representing about 10 per cent of Pioneer on an undiluted basis, which will position Jubilee as Pioneer’s second-biggest shareholder.
Jubilee said involvement in the Acra project provided Jubilee with a dominant ownership position over a 140km strike length of highly prospective nickel sulphide ground.
Jubilee also said, as part of the agreement, it would soon nominate a director to the board of Pioneer.