JUM Jumpit

RNS Number:8978J
Jumpit ASA
14 December 2007

Jumpit ASA



("Jumpit" or the "Company")



Notice of Extraordinary General Meeting


The board of Jumpit has today sent shareholders a notice of Extraordinary
General Meeting ("EGM") to approve a placing of NOK 2 500 000.


Subject to the approval of the general assembly at the EGM, 50,000,000 new
shares will be issued at a price of NOK 0.05 per share (approximately 0.45p).
The placing price reflects the price of the shares prior to the announcement of
the offer of NOK 0.05 per share from Springfield AS ("Springfield").



On 26 November it was announced that Springfield would underwrite a placing of
up to �1 million. The board have decided however that owing to the urgent need
to raise funds it is in the best interests of the Company to carry out a smaller
fundraising to meet immediate working capital requirements. In addition, the
directors of the Company are mindful that a fundraising of �1 million at this
time would be very dilutive to shareholders. However, the Directors anticipate
that further fundraisings may be necessary in the short to medium term to
finance the Company's development plans.



The Board intends to spend the coming weeks analysing the Company's financial
and trading position and exploring alternatives to develop a strategy for the
benefit of all shareholders.



Due to timing and cost implications and given the immediate requirement for
working capital, the placing has been restricted to a number of institutions,
directors and individuals. If the Extraordinary General assembly approves the
placing, the subscribers to the placing will be:


Name                                                              No. of shares
Springfield AS                                                       32,379,068
RAB Special Situations (Master) Fund Limited                         13,876,743
Xantin Invest AS                                                        558,338
Morten Hansson                                                        2,000,000
Oivind Resch                                                          1,185,851
Total:                                                               50,000,000



If approved, following the placing, there will 100,596,570 shares in issue.



Enquiries:


Jumpit                                Morten Hansson                      + 47 67 82 70 40

                                      Chief Executive Officer


Hanson Westhouse Limited              Bill Staple / Martin Davison        020 7601 6100






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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