Last checked at 24 Jun 2015 08:00
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
24 June 2015
Premier African Minerals Limited
("Premier" or the "Company")
Exercise of Warrants and Issue of Equity
Premier African Minerals Limited, the AIM-traded, multi-commodity mining and resource development company focused on Southern and Western Africa, provides an update on corporate transactions.
Darwin Strategic Limited ("Darwin") the holders of 40 million warrants as announced on 3 February 2015 has issued a notice of exercise in respect of 35,000,000 warrants at an exercise price of 1.25p for total consideration of GBP437,500. The Company has therefore issued today 35,000,000 new Ordinary Shares to Darwin ("Darwin Shares").
The Darwin Shares will when issued rank pari passu in all respects with the existing ordinary shares. Application will be made for the Darwin Shares to be admitted to trading on AIM and admission is expected to take place on or around 30 June 2015.
Following the issue of the Darwin Shares, the Company's issued share capital consists of 646,371,512 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.
Please visit our website to view images of the progress made with the construction of the plant at www.premierafricanminerals.com.
Enquiries
Pamela Hueston | Premier African Minerals Limited | Tel: +44 (0) 755 778 3855 |
Michael Cornish / Roland Cornish | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 (0) 207 628 3396 |
Jerry Keen/ Edward Mansfield | Shore Capital Stockbrokers Limited | Tel: +44 (0) 207 408 4090 |
Kelsey Traynor/Dominic Barretto | Yellow Jersey PR Limited | Tel: +44 (0) 779 900 3220 |
Notes
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which includes tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Togo, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company also holds 2 million shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$2.5 million based on the latest price at which Circum has accepted subscriptions.
ENDS