19 Jan 2017 16:15
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
19 January 2017
Premier African Minerals Limited
("Premier" or the "Company")
Grant of Options
Premier African Minerals Limited (AIM: PREM), announces that, on 19 January 2017 options for up to 61,000,000 ordinary shares of no par value in the Company (the "Options") were awarded to Directors. 30,500,000 Options are exercisable at a price of 0.28p per ordinary share on or after 19 January 2018 and 30,500,000 Options are exercisable at a price of 0.4 pence per ordinary share on or after 19 January 2019. In aggregate, the new Options issued to the Directors represent approximately 2.6 per cent. of the Company's current issued share capital and further details of the Options awards are set out below:
Director | New options awarded | Exercise price | First exercise date | Expiry date |
Russel Swarts | 7,000,000 | 0.28p | 19 January 2018 | 19 January 2027 |
| 7,000,000 | 0.4p | 19 January 2019 | 19 January 2027 |
Michael Foster | 7,000,000 | 0.28p | 19 January 2018 | 19 January 2027 |
| 7,000,000 | 0.4p | 19 January 2019 | 19 January 2027 |
Ian Stalker | 7,000,000 | 0.28p | 19 January 2018 | 19 January 2027 |
| 7,000,000 | 0.4p | 19 January 2019 | 19 January 2027 |
George Roach | 9,500,000 | 0.28p | 19 January 2018 | 19 January 2027 |
| 9,500,000 | 0.4p | 19 January 2019 | 19 January 2027 |
Note:Further details are set out in the Appendix.
In accordance with, and subject to the terms of the Company's Share Option Scheme, the Options shall vest as to one half on the first anniversary of the date of grant (the date of grant being 19 January 2017) and the balance on the second anniversary.
In addition, the Company has also issued a further 100,877,130 options to a non-board members and management on similar terms ("Management Options"). 50,438,565 Management Options are exercisable at a price of 0.28p per ordinary share on or after 19 January 2018 and 50,438,565 Management Options are exercisable at a price of 0.4 pence per ordinary share on or after 19 January 2019. The Options and the Management Options will all expire on 19 January 2027.
Following this issue of Options and the Management Options, the Company has a total of 187,890,534 ordinary shares under option, equivalent to approximately 9 per cent of the Company's current issued ordinary share capital.
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 |
Jon Belliss | Beaufort Securities Limited | Tel: +44 (0) 20 7382 8300 |
Charles Goodwin/ Harriet Jackson | 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.
APPENDIX
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 options over Ordinary Shares | ||||||
| Price(s) and volumes(s) |
| ||||||
d) | Aggregated information | n/a | ||||||
e) | Date of the transaction | 19 January 2017 | ||||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | 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 | ||||||
| Nature of the transaction | Issue of options over Ordinary Shares | ||||||
| Price(s) and volumes(s) |
| ||||||
d) | Aggregated information | n/a | ||||||
e) | Date of the transaction | 19 January 2017 | ||||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | George Roach | ||||||
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 options over Ordinary Shares | ||||||
| Price(s) and volumes(s) |
| ||||||
d) | Aggregated information | n/a | ||||||
e) | Date of the transaction | 19 January 2017 | ||||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Russel Swarts | ||||||
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 options over Ordinary Shares | ||||||
| Price(s) and volumes(s) |
| ||||||
d) | Aggregated information | n/a | ||||||
e) | Date of the transaction | 19 January 2017 | ||||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||||
ENDS
Premier African Minerals (PREM)