REG - Premier African Min - Completion of Zulu Lithium DFS Funding

Premier African MineralsAnnouncement

29/03/2022 13:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220329:nRSc4220Ga&default-theme=true

RNS Number : 4220G  Premier African Minerals Limited  29 March 2022

29 March 2022

Premier African Minerals Limited

 

Completion of Zulu Lithium DFS Funding

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to
confirm the completion of the Subscription Agreement by Suzhou TA&A Ultra
Clean Technology Co., Ltd., ("Suzhou TA&A") to raise £12 million before
expenses at an issue price of 0.4 pence per new ordinary share for the ongoing
Definitive Feasibility Study ("DFS") at Premier's Zulu Lithium and Tantalum
Project ("Zulu") (the "Subscription") as announced on 8 March 2022.

 

George Roach, CEO commented, "I reiterate my welcome to our new shareholders
and to Dr Lou Wei, and express my appreciation for the confidence in Premier
and Zulu. Premier has already taken steps to expedite issues associated with
resource definition needed to complete mine optimisation and test work and we
will continue to accelerate all aspects of the DFS underway."

 

Proposed Board Appointment

 

As previously announced, on completion of the Subscription, Suzhou TA&A
has the right to appoint one director to serve on the boards of Premier, Zulu
Lithium Mauritius Limited, and Zulu Lithium Private limited. Dr Luo Wei has
therefore been invited to join the boards of Premier, Zulu and Zulu Lithium
Mauritius Limited (collectively the "Companies"), subject to the satisfactory
completion of standard regulatory checks in compliance with the AIM Rules
which are currently underway, and which we anticipate being completed shortly.

In the interim, Dr Luo Wei will have observer rights of the day-to-day
operations of the Companies, including without limitation, access to any
information on Zulu.

 

Dr Luo Wei is a geologist with 23 years of experience who has worked in senior
engineer positions for the past 12 years in a variety of locations. He has
experience in the discovery and exploration of precious, nonferrous and base
metal mineral resources internationally, including the DRC, Republic of Congo,
Nigeria, Pakistan, South-East Asia and China. Dr Luo has a PhD. in Geology
from the Central South University of Changsha, China and is a member of the
Chinese Geological Society.

Admission

Application has been made for the 3,000,000,000 Subscription Shares be
admitted to trading on AIM and admission is expected to take place on 30 March
2022.

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.

Enquiries

 

 George Roach                        Premier African Minerals Limited    Tel: +27 (0) 100 201 281
 Michael Cornish / Roland Cornish    Beaumont Cornish Limited            Tel: +44 (0) 20 7628 3396

                                     (Nominated Adviser)
 John More/Toby Gibbs                Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090
 Matthew Bonner                      EAS Advisors LLC                    Tel: +1 646 495 2225

 

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 per cent
interest in Circum Minerals Limited ("Circum"), the owners of the Danakil
Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share
capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.

 

In addition, the Company holds a 19 per cent interest in MN Holdings Limited,
the operator of the Otjozondu Manganese Mining Project in Namibia.

Ends

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDZGZFMLMGZZM