REG - Premier African Min. - Director Loan Update

Premier African MineralsAnnouncement

09/08/2023 18:00

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RNS Number : 8540I  Premier African Minerals Limited  09 August 2023

For immediate release

9 August 2023

Premier African Minerals Limited

 

Director Loan Update

 

On 20 July 2023 Premier African Minerals Limited ("Premier" or the "Company")
announced that the Company had entered into a loan facility agreement with
George Roach ("Lender") for up to £1.7 million ("Facility").

 

Premier and the Lender have today agreed to vary the Facility by increasing
the size of the Facility from £1.7 million to £2 million and to waive any
interest on a repayment by Premier of the Facility in cash ("Amended
Facility"). Premier and the Lender have further agreed that Premier will make
one request of a draw-down under the Amended Facility in the amount of £2
million.

 

As George Roach is a related party under the AIM Rules, the Facility and the
Amended Facility (together the "Loan") are related party transactions for the
purposes of AIM Rule 13. The independent directors (being the Board other than
George Roach) have been consulted on the Loan. Accordingly, the independent
directors, having consulted with the Company's Nominated Adviser, consider
that the Facility and the Amended Facility are fair and reasonable in so far
as the Company's shareholders are concerned.

 

The Independent Directors have in particular noted that the Loan is unsecured,
there are no arrangement fees, and as previously announced, the Company needs
funding to meet its immediate working capital needs. The Independent Directors
have noted furthermore that with the waiver of interest under the Amended
Facility, there is no direct monetary benefit to the Lender under the Loan.

 

As previously announced, the Loan will be used for otherwise unfunded general
working capital purposes including ongoing operational expenses at Zulu
pending the completion of the remedial work on the plant and the commencement
of commercial production.

 

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 Godfrey Manhambara.

 

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)
 Douglas Crippen                     CMC Markets UK Plc                  Tel: +44 (0) 20 3003 8632
 Toby Gibbs/Rachel Goldstein         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
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.

 
Ends

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