Why I voted "Yes"18 Apr 2024 08:27
He intended use of the dis-applied shares is as follows:
As announced on the 11 December 2023, Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd ("JRG") had
agreed to accept payment of a limited number of future invoices until commercial shipments begin at Zulu in Q1 of 2024. The
board believes that this share settlement is essential and should be maintained as such, 769,230,769 new ordinary shares of
the Company at the price of 0.26 pence ("JRG Settlement Shares") will be issued to US$2.5 million (equivalent to £2 million)
in invoices once the conditional precedents have been met.
As announced on the 9 August 2023, the board entered into a Loan Facility Agreement with George Roach (“Facility”). While
George Roach agreed to waive immediate settlement on the Facility to allow the Company to conclude the fund raise
announced on the 15 February 2024, the Company is now in breach of the Facility, and it is imperative that 370,000,000 new
ordinary shares are available to the Company to ensure that an agreement can reached with George Roach for the default
and also settlement of the Facility.
As reported in Premier Annual Financial Statements for the year ending 31 December 2022 under section 17 (Contingent
Liability), China Zenith Capital Ltd were suing Premier for a 3% net debt success fee based on Premier’s consultancy
agreement with China Zenith Capital Limited.
In spite of Premier having two independent legal opinions supporting Premier believe that the prepayment and offtake
funding by CanMax was a deferred revenue in accordance with International Financial Reporting Standards (IFRS), the
Arbitration hearing held under the rules of the London Court of International LCIA Arbitration was lost following a ruling
whereby the arbitrator sought fit to discount the definition of debt under IFRS and focus on a common sense interpretation
of the Engagement Letter that prepayment and offtake funding was contemplated under the debt success fee.
Premier refutes the judgment in the strongest possible terms; however, the arbitration ruling is final and binding whereby
Premier will settle Zenith Capital Limited award in new ordinary shares at prevailing share prices.
The remaining shares are intended to be used to bring Zulu into profitable production and general working capital of
Premier. As has been previously announced, Premier have now taken over control of the Zulu operations with the departure
of Stark International Project (“Stark”).
Will George adhere to the terms and conditions ???
Acker
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