Last checked at 11 Aug 2020 17:06
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
11 August 2020
Premier African Minerals Limited
Issue of equity and Director / PDMR shareholding
The Company announces that the Board on 11 August 2020 issued new ordinary shares to Directors, employees and other creditors in settlement of accrued but unpaid contractual amounts due, amounting in aggregate to £337,428 ("Settlement Shares").
The Company issued 180,257,506 Settlement Shares to Directors in settlement of accrued but unpaid fees (amounting in aggregate to £162,232) at an issue price of 0.09p per share, in total representing approximately 1.43 per cent. of the current issued share capital, as set out in the table below:
Individual | Amount settled in Settlement Shares (Note 1) | Issue price of Settlement Shares | Settlement Shares issued
(Note 1) | Total Shareholding following the issue of the Settlement Shares | Shareholding in the enlarged issued share capital |
Director: | |||||
George Roach | £86,163 | 0.09p | 95,736,726 | 932,869,111 | 7.05% |
Godfrey Manhambara | £15,000 | 0.09p | 16,666,667 | 20,833,334 | 0.16% |
Wolfgang Hampel | £61,069 | 0.09p | 67,854,114 | 85,490,781 | 0.65% |
Note 1: The amount settled in shares has been rounded to the nearest whole pound in the table above. The calculation of settlement shares issued was made on the monetary amount settled to four decimal places. Any differences are due to rounding.
In addition, a further 194,663,027 Settlement Shares have been issued to certain employees and a former director (Michael Foster) in settlement of accrued but unpaid salaries due of £175,197 (see Note 1 above) at the Issue Price, in total representing approximately 1.55 per cent. of the current issued share capital.
The Settlement Shares, amounting in aggregate to 374,920,533 new Ordinary Shares, will rank pari passu in all respects with the Company's existing issued ordinary shares and application will be made for admission of the Settlement Shares to trading on AIM ("Admission"), which is expected to occur on or about 18 August 2020.
Total Voting Rights
Following the issue of the Conversion Shares, the Company's issued share capital consists of 13,233,595,634 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.
The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||||||||
a)
| Name
| 1. George Roach 2. Godfrey Manhambara 3. Wolfgang Hempel | ||||||||||||||||||
2
| Reason for the notification | |||||||||||||||||||
a)
| Position/status
| 1. Chief Executive 2. Non-executive director 3. Executive director | ||||||||||||||||||
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 | 180,257,506 Ordinary Shares | |||||||||||||||||||
- Price | 0.09p | |||||||||||||||||||
e)
| Date of the transaction
| 11 August 2020 | ||||||||||||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||||||||||||
ENDS