Last checked at 21 Sep 2020 12:00
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
21 September 2020
Premier African Minerals Limited
Conversion of Investment Agreement
The Board of Premier African Minerals Limited ("Premier" or the "Company") announces that D-Beta One EQ, Ltd, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited, collectively referred to as the ("Investors") have elected to convert a further US$75,000 of the investment plus accrued interest of US$1,189.04, amounting to US$76,189.04 (£58,810.32) in aggregate, in accordance with the terms of the Investment Agreement as announced on 7 May 2020 into new ordinary shares in the Company.
The Company has therefore issued today 125,905,202 new ordinary shares to the Investors ("Investors Shares") at an issue price of 0.04671 pence per Investors Share, the issue price being 90 per cent. of the lowest daily volume weighted average price during the five days trading days immediately prior to the repayment. The Investors Shares will rank pari passu in all respects with the existing ordinary shares.
Application will be made for the Investors Shares to be admitted to trading on AIM and admission is expected to take place on or around 25 September 2020.
Total Voting Rights
Following the issue of the Payment Shares, the Company's issued share capital consists 13,421,951,315 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
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 |
Jerry Keen/Edward Mansfield | Shore Capital Stockbrokers Limited | Tel: +44 (0) 20 7408 4090 |
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, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.
In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
ENDS