Last checked at 21 Dec 2016 15:28
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
21 December 2016
Premier African Minerals Limited
("Premier" or the "Company")
Issue of Equity
Directors dealing
Premier African Minerals Limited (AIM: PREM), the London-quoted mining and exploration company is pleased to announce that it has issued new ordinary shares ("Ordinary Shares") in the Company as payment for outstanding fees to certain current and former non-executive directors, Afmine and a consultant (the "Fees Conversion").
George Roach, Premier's CEO, commented: "My appreciation and thanks to our directors for their willingness to accept fees in this form. Also for their stated intentions to hold these shares, which is a clear expression of confidence in our longer term future. I note that Directors collectively hold a significant position in Premier".
Details of Fees Conversion
The Company has today issued 25,763,185 new Ordinary Shares to certain non-executive directors of Premier African Minerals Limited at an issue price of 0.275 pence per new Ordinary Share (the "Issue Price") in satisfaction of accrued outstanding director fees, technical advisory services and other expenses in respect of the financial year ended 31 December 2015 as set out in the table below. The closing mid-market price on 20 December 2016 was 0.275p.
Director | Outstanding fees to be converted | Number of Director Fee Ordinary Shares issued | Total number of Ordinary Shares hold following issue of the Director Fee Shares | Percentage of the enlarged share capital of the Company |
Michael Foster | £15,000.00 | 5,454,545 | 5,454,545 | 0.0026% |
John Ian Stalker | £55,848.76 | 20,308,640 | 31,775,116 | 1.5% |
In addition, the Company has issued today a further 5,454,545 Ordinary Shares to Neil Herbert, a former non-executive director of the Company who retired from the Board in April 2016, also at the Issue Price, in respect of outstanding director fees of £15,000.
In aggregate therefore the total number of new Ordinary Shares issued to Michael Foster, John Ian Stalker and Neil Herbert amounts to 31,217,730 new Ordinary Shares (the "Director Fee Shares"), representing 1.5 per cent. of the current issued share capital of the Company.
The Company also issued today 19,213,580 new Ordinary Shares at an issue price of 0.3162 pence per new Ordinary Share to African Mining and Exploration ("Afmine"), the principal mining contractor at RHA Tungsten (Private) Limited for services rendered in relation to ongoing mining operations as detailed in the announcement dated 5 October 2016 (the "Afmine Shares"). In addition, the Company issued today a further 7,272,727 new Ordinary Shares at an issue price of 0.275 pence per new Ordinary Share to a consultant in full and final settlement of fees of £20,000 due on the completion of the acquisition of TCT Industrias Florestais Limitada (the "Consultant Shares").
The Director Fee Shares, the Afmine Shares and the Consultant Shares (together, the "Fee Conversion Shares") amount, in aggregate, to 57,704,037 new Ordinary Shares. The Fee Conversion Shares will rank pari passu in all respects with the existing Ordinary Shares. Application will be made for the Fee Conversion Shares to be admitted to trading on AIM and admission is expected to take place on or around 3 January 2017.
Following the issue of the Ordinary Shares, the Company's issued share capital consists of 2,117,064,645 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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Fuad Sillem | Premier African Minerals Limited | Tel: +44 (0)7734 922074 |
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 |
Charles Goodwin/ /Harriet Jackson/ Clare Glynn | Yellow Jersey PR Limited | Tel: +44 (0) 7747 788221 |
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural 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 include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company recently acquired a 52% controlling stake in Mozambique-based TCT Industrias Florestais Limitada, which owns a substantial limestone deposit and forestry business located on rail in the Sofala Province of Mozambique. In addition, The Company 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$4 million based on the latest price at which Circum has accepted subscriptions. Premier also has a 4.5% interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.2 million ounce inferred resource Akyanga gold deposit in the DRC.
Further information
The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Michael Foster | ||||
2 | Reason for notification | |||||
a) | Position / status | Director | ||||
b) | Initial notification /Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier African Minerals Limited | ||||
b) | LEI | Not applicable | ||||
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 Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1005 | ||||
Nature of the transaction | Issue of new ordinary shares in settlement of accrued direct fees | |||||
Price(s) and volumes(s) |
| |||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 21 December 2016 | ||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | John Ian Stalker | ||||
2 | Reason for notification | |||||
a) | Position / status | Director | ||||
b) | Initial notification /Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier African Minerals Limited | ||||
b) | LEI | Not applicable | ||||
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 Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1005 ISIN VGG7223M1005 | ||||
Nature of the transaction | Issue of new ordinary shares in settlement of accrued direct fees, technical advisory services and expenses | |||||
Price(s) and volumes(s) |
| |||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 21 December 2016 | ||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||
ENDS