REG - Premier African Min. - Director/PDMR Shareholding

Premier African MineralsAnnouncement

18/08/2023 15:30

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RNS Number : 8241J  Premier African Minerals Limited  18 August 2023

For immediate release

18 August 2023

Premier African Minerals Limited

Facility Update

Director / PDMR shareholding

Premier African Minerals Limited ("Premier" or the "Company"), announces that
the Company has received total net proceeds of £1,708,532.51 from the sales
of 370,000,000 Premier Ordinary Shares ("Share Sales") by George Roach
("Lender") at an average price 0.4513 pence per share ("Selling Price"), in
accordance with the Loan Facility Agreement announced on 9 August 2023
("Facility").

The Board and Lender have agreed that no further shares will be sold by the
Lender under the Facility and that, upon settlement of the repayment of the
existing amounts outstanding under the Facility by the issue of the new
Premier Ordinary Shares, the Facility will be terminated with immediate
effect.

Further details on the sales of Premier Ordinary Shares by George Roach are
set out in the Appendix. Following the Share Sales, George Roach is now
interested in 1,246,514,207 Premier Ordinary Shares representing 5.4 per cent.
of the issued share capital of the Company. New Premier Ordinary Shares will
be issued in due course to George Roach by the Company to repay the Facility
in accordance with its terms at the Selling Price. George Roach as Lender also
incurred £19,077.09 in broker and banking fees pursuant to the selling of the
Share Sales which will be reimbursed through the issue of a further new
Premier Ordinary Shares also at the Selling Price. A further announcement will
be made in due course.

The total proceeds received under the terms of the Facility have been used for
general working capital purposes and to meet the ongoing operational costs at
the Zulu Lithium and Tantalum Project.

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.

 

APPENDIX

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         George Roach

 2    Reason for the notification

 a)   Position/status                                              Chief Executive

 b)   Initial notification /Amendment                              Initial Notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Premier African Minerals Limited

 b)   LEI                                                          213800WDKYXYJZE5DZ61

 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  Ordinary shares of no-par value in Premier African Minerals Limited

      Identification code                                          ISIN: VGG7223M1005

 b)   Nature of the transaction                                    Issue of Ordinary Shares

 c)   Price(s) and volume(s)                                                                No.  Number of Shares  Price

                                                                                          1  70,000,000         0.5228p
                                                                                            2  75,000,000         0.5236p
                                                                                            3  85,000,000         0.471176p
                                                                                            4  10,000,000         0.4325p
                                                                                            5  67,500,000         0.404p
                                                                                            6  12,500,000         0.4p
                                                                                            7  50,000,000         0.405p

 

 d)   Aggregated information

      - Aggregated volume                                          370,000,0000 Ordinary Shares

      - Price                                                      0.4513p

 e)   Date of the transaction                                      No.  Date

                                                            1  06/07/2023
                                                                   2  07/07/2023
                                                                   3  10/07/2023
                                                                   4  27/07/2023
                                                                   5  28/07/2023
                                                                   6  31/07/2023
                                                                   7  02/08/2023
 f)   Place of the transaction                                     AIMX

 

 

d)

 

Aggregated information

- Aggregated volume

370,000,0000 Ordinary Shares

- Price

0.4513p

e)

 

Date of the transaction

 

 No.  Date
 1    06/07/2023
 2    07/07/2023
 3    10/07/2023
 4    27/07/2023
 5    28/07/2023
 6    31/07/2023
 7    02/08/2023

f)

 

Place of the transaction

 

AIMX

 

 

 
Ends

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