Premier African Minerals Ltd - southern Africa-focused miner - Accepts offer by Vortex Ltd to exchange Premier's 4.8% interest in Circum Minerals Ltd, which owns the Danakil potash project in Ethiopia, for 5.0 million new shares in Vortex itself, reflecting a 13% interest.
"This Vortex offer consolidates a substantial percentage of minority shareholders representing 36.7% of Circum. The three other major shareholders in Circum are African focussed private equity mining group AMED Funds, CE Mining headed by Brad Mills and a private mine investment group, Angstrom. Circum is the owner of a world-class potash project in the Danakil Basin and has recently completed a revised DFS with a first phase production of 375,000 tonnes per annum of SOP, an associated capex of approximately USD430 million and positive economic outputs which have further de-risked the project from a financing perspective," said Chair Neil Herbert.
Current stock price: 0.33 pence, up 7.6% on Thursday
12-month change: up sharply from 0.05p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Premier African Minerals (PREM)