Last checked at 29 Mar 2022 13:00
29 March 2022
Premier African Minerals Limited
Completion of Zulu Lithium DFS Funding
Premier African Minerals Limited ("Premier" or the "Company"), is pleased to confirm the completion of the Subscription Agreement by Suzhou TA&A Ultra Clean Technology Co., Ltd., ("Suzhou TA&A") to raise £12 million before expenses at an issue price of 0.4 pence per new ordinary share for the ongoing Definitive Feasibility Study ("DFS") at Premier's Zulu Lithium and Tantalum Project ("Zulu") (the "Subscription") as announced on 8 March 2022.
George Roach, CEO commented, "I reiterate my welcome to our new shareholders and to Dr Lou Wei, and express my appreciation for the confidence in Premier and Zulu. Premier has already taken steps to expedite issues associated with resource definition needed to complete mine optimisation and test work and we will continue to accelerate all aspects of the DFS underway."
Proposed Board Appointment
As previously announced, on completion of the Subscription, Suzhou TA&A has the right to appoint one director to serve on the boards of Premier, Zulu Lithium Mauritius Limited, and Zulu Lithium Private limited. Dr Luo Wei has therefore been invited to join the boards of Premier, Zulu and Zulu Lithium Mauritius Limited (collectively the "Companies"), subject to the satisfactory completion of standard regulatory checks in compliance with the AIM Rules which are currently underway, and which we anticipate being completed shortly.
In the interim, Dr Luo Wei will have observer rights of the day-to-day operations of the Companies, including without limitation, access to any information on Zulu.
Dr Luo Wei is a geologist with 23 years of experience who has worked in senior engineer positions for the past 12 years in a variety of locations. He has experience in the discovery and exploration of precious, nonferrous and base metal mineral resources internationally, including the DRC, Republic of Congo, Nigeria, Pakistan, South-East Asia and China. Dr Luo has a PhD. in Geology from the Central South University of Changsha, China and is a member of the Chinese Geological Society.
Admission
Application has been made for the 3,000,000,000 Subscription Shares be admitted to trading on AIM and admission is expected to take place on 30 March 2022.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged the release of this announcement on behalf of the Company was George Roach.
Enquiries
George Roach | Premier African Minerals Limited | Tel: +27 (0) 100 201 281 |
Michael Cornish / Roland Cornish | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 (0) 20 7628 3396 |
John More/Toby Gibbs | Shore Capital Stockbrokers Limited | Tel: +44 (0) 20 7408 4090 |
Matthew Bonner | EAS Advisors LLC | Tel: +1 646 495 2225 |
Notes to Editors
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has accepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8 per cent interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.
In addition, the Company holds a 19 per cent interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
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