Last checked at 19 May 2023 07:00
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
19 May 2023
Premier African Minerals Limited
Funding and Appointment of Joint Broker
Director / PDMR shareholding
Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce, after receiving further institutional interest following the funding announced 15 May 2023, a further placing to raise £610,000 before expenses at an issue price of 0.925 pence per new ordinary share ("Placing Price") for the ongoing Zulu Lithium and Tantalum Project ("Zulu") Pilot Plant optimisation.
Placing Premier has today issued by way of a placing ("Placing"), conditional on admission, 65,945,946 new ordinary shares of nil par value ("Placing Shares") at the Placing Price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole placing agent in respect of the Placing.
George Roach, Chief Executive Officer, has agreed to participate in the placing at the Placing Price by way of a subscription of £110,000 as set out in the table below:
Shares Subscribed | Subscription price | Resultant holding of Ordinary Shares | % of enlarged issued share capital |
11,891,892 | 0.925p | 1,628,406,099 | 7.1% |
Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 25 May 2023.
The Placing has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.
The disapplication of the pre-emptive rights approved by shareholders on the 21 May 2021 lapses on 21 May 2023.
Further details are set out in the appendix.
Appointment of joint broker
The Company has today appointed CMC Markets as joint broker to the Company.
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued share capital consists of 22,836,049,123 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.
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 |
Douglas Crippen | CMC Markets UK Plc | Tel: +44 (0) 20 3003 8632 |
John More/Toby Gibbs | Shore Capital Stockbrokers Limited | Tel: +44 (0) 20 7408 4090 |
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identied by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.
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 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 | 11,891,892 Ordinary Shares | |||||||||||||||
- Price | 0.925p | |||||||||||||||
e)
| Date of the transaction
| 19 May 2023 | ||||||||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||||||||
END