14 Aug 2023 07:00
14 August 2023
Premier African Minerals Limited
Result of General Meeting
Offtake and Prepayment Agreement Update
Premier African Minerals Limited ("Premier" or the "Company"), is pleased to announce that the resolution proposed to shareholders at the General Meeting held on 12 August 2023 was duly passed. The full text of the resolution was included in the notice of the General Meeting of the Company which was made available from 21 July 2023 for download via the Company's website at:
The Company has also agreed the terms of an amended Offtake and Prepayment Agreement with Canmax Technologies Co., Ltd ("Canmax") and a further announcement will be made shortly. As Canmax is interested in 13.38 per cent. of the issued share capital of the Company, the amendment to the Offtake and Prepayment Agreement is a related party transaction for the purposes of Rule 13 of the AIM Rules and will be dealt with accordingly.
The Company has also now elected to draw down on the entire £2 million Amended Facility entered into with George Roach (as previously announced on 9 August 2023) immediately on announcement of the full terms of the amended Offtake and Prepayment Agreement with Canmax.
Market Abuse Regulation
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.
A copy of this announcement is available at the Company's website, www.premierafricanminerals.com
Premier African Minerals Limited
Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish
Beaumont Cornish Limited
Tel: +44 (0) 20 7628 3396
CMC Markets UK Plc
Tel: +44 (0) 20 3003 8632
Toby Gibbs/Rachel Goldstein
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 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.