Last checked at 5 Dec 2018 13:10
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
5 December 2018
Premier African Minerals Limited
Update on the proposed restructuring of Zimbabwe Minerals Projects
Premier African Minerals Limited ("Premier" or the "Company") is pleased to confirm that in the period following the announcement of the 7 November 2018, due diligence as described in that announcement has progressed satisfactorily and Premier and KME have agreed to proceed to a formal framework agreement irrespective of the outcome of ongoing discussions that are expected to resolve the equity status at RHA Tungsten Pvt Ltd. The Company will provide further updates once it has agreed the framework agreement.
Shareholders are reminded that this transaction is subject to their approval, completion and signing of the formal framework agreement and regulatory approval. When all conditions are met, the transaction will result in a direct distribution of Newco (as defined in RNS dated 7 November 2018) shares on a pro rata basis to holders of Premier shares when shareholder consent is granted, and Newco shares are admitted to trading.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.
Enquiries:
Fuad Sillem | Premier African Minerals Limited | Tel: +44 (0)7734 922074 |
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 and Zulu 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. In addition, the Company holds 5,010,333 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. Premier also has an interest in Arc Minerals that has a number of mineral assets in Europe and Africa.