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18 Aug 2023 15:23
For immediate release
18 August 2023
Premier African Minerals Limited
Facility Update
Director / PDMR shareholding
Premier African Minerals Limited ("Premier" or the "Company"), announces that the Company has received total net proceeds of £1,708,532.51 from the sales of 370,000,000 Premier Ordinary Shares ("Share Sales") by George Roach ("Lender") at an average price 0.4513 pence per share ("Selling Price"), in accordance with the Loan Facility Agreement announced on 9 August 2023 ("Facility").
The Board and Lender have agreed that no further shares will be sold by the Lender under the Facility and that, upon settlement of the repayment of the existing amounts outstanding under the Facility by the issue of the new Premier Ordinary Shares, the Facility will be terminated with immediate effect.
Further details on the sales of Premier Ordinary Shares by George Roach are set out in the Appendix. Following the Share Sales, George Roach is now interested in 1,246,514,207 Premier Ordinary Shares representing 5.4 per cent. of the issued share capital of the Company. New Premier Ordinary Shares will be issued in due course to George Roach by the Company to repay the Facility in accordance with its terms at the Selling Price. George Roach as Lender also incurred £19,077.09 in broker and banking fees pursuant to the selling of the Share Sales which will be reimbursed through the issue of a further new Premier Ordinary Shares also at the Selling Price. A further announcement will be made in due course.
The total proceeds received under the terms of the Facility have been used for general working capital purposes and to meet the ongoing operational costs at the Zulu Lithium and Tantalum Project.
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 Godfrey Manhambara.
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 |
Douglas Crippen | CMC Markets UK Plc | Tel: +44 (0) 20 3003 8632 |
Toby Gibbs/Rachel Goldstein | 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 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% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum.
In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
APPENDIX
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||||||||||||||||
a)
| Name
| George Roach | ||||||||||||||||||||||||||
2
| Reason for the notification | |||||||||||||||||||||||||||
a)
| Position/status | Chief Executive | ||||||||||||||||||||||||||
b)
| Initial notification /Amendment
| Initial Notification | ||||||||||||||||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||||||||||
a)
| Name
| Premier African Minerals Limited | ||||||||||||||||||||||||||
b)
| LEI
| 213800WDKYXYJZE5DZ61 | ||||||||||||||||||||||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||||||||||||||||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of no-par value in Premier African Minerals Limited
| ||||||||||||||||||||||||||
Identification code | ISIN: VGG7223M1005 | |||||||||||||||||||||||||||
b)
| Nature of the transaction
| Issue of Ordinary Shares | ||||||||||||||||||||||||||
c)
| Price(s) and volume(s) |
| ||||||||||||||||||||||||||
d)
| Aggregated information | |||||||||||||||||||||||||||
- Aggregated volume | 370,000,0000 Ordinary Shares | |||||||||||||||||||||||||||
- Price | 0.4513p | |||||||||||||||||||||||||||
e)
| Date of the transaction
|
| ||||||||||||||||||||||||||
f)
| Place of the transaction
| AIMX | ||||||||||||||||||||||||||
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