REG - Premier African Min - Director's Loan

Premier African MineralsAnnouncement

21/07/2023 07:15

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RNS Number : 7793G  Premier African Minerals Limited  21 July 2023

21 July 2023

Premier African Minerals Limited

 

Director Loan

 

Premier African Minerals Limited ("Premier" or the "Company") announces that
the Company has entered into a Loan Facility Agreement with George Roach
("Lender"), for up to £1.7 million.

 

Terms of the Loan

 

The Company has entered into an unsecured £1.7 million Loan Facility
Agreement with George Roach on 20 July 2023 ("Loan"). Premier can request a
draw down of the Loan in two separate requests with the first being for £1
million and the second request being the remaining balance of the Loan
(collectively the "Utilisation Request"). Each Utilisation Request will be
repayable on the date falling 6 calendar months after the Utilisation Request
("Repayment Date").

 

Upon receipt of a Utilisation Request, the Lender will sell such number of
their holding of Premier ordinary shares ("Shares") under orderly market
conditions until such time as the amount of the Utilisation Request has been
realised ("Sale Shares"). The Lender will inform the Company of the average
selling price of Sale Shares sold by the Lender to fund the Utilisation
Request, including all related broker fees incurred during the selling of the
Sale Shares ("Floor Price").

 

The Loan is repayable in new Shares. Premier shall repay each Utilisation
Request under the Loan in full on the Repayment Date applicable to such
Utilisation Request by issuing to the Lender such number of new Shares
("Settlement Shares") as is equal to the amount of the Loan due on the
Repayment Date divided by the Floor Price applicable to the Sale Shares which
were sold by the Lender to fund the Utilisation Request.

 

If Premier is unable for any reason to issue the Settlement Shares by whatever
means, repayment of the Loan may be made in cash in an amount which is equal
to amount of the Loan plus compounded accrued interest at 8% per annum from
the date of the Utilisation Request. No arrangement or other fees are payable
under the Loan.

 

The Loan will be used for general working capital purposes including funding
ongoing operational expenses at 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
 John More/Toby Gibbs                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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