REG - Premier African Min - Funding and Appointment of Joint Broker

Premier African MineralsAnnouncement

19/05/2023 07:00

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RNS Number : 9598Z  Premier African Minerals Limited  19 May 2023

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

 

19 May 2023

Premier African Minerals Limited

Funding and Appointment of Joint Broker

Director / PDMR shareholding

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce, after receiving further institutional interest following the funding
announced 15 May 2023, a further placing to raise £610,000 before expenses at
an issue price of 0.925 pence per new ordinary share ("Placing Price") for the
ongoing Zulu Lithium and Tantalum Project ("Zulu") Pilot Plant optimisation.

Placing
Premier has today issued by way of a placing ("Placing"), conditional on
admission, 65,945,946 new ordinary shares of nil par value ("Placing Shares")
at the Placing Price of 0.925 pence per Placing Share. The Placing Shares
will, when issued, rank pari passu in all respects with the existing ordinary
shares. CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole
placing agent in respect of the Placing.

 

George Roach, Chief Executive Officer, has agreed to participate in the
placing at the Placing Price by way of a subscription of £110,000 as set out
in the table below:

 Shares Subscribed  Subscription price  Resultant holding of Ordinary Shares    % of enlarged issued share capital
 11,891,892         0.925p              1,628,406,099                           7.1%

 

Application will be made for the Placing Shares to be admitted to trading on
AIM and admission is expected to take place on or around 25 May 2023.

 

The Placing has been arranged within the Company's existing share authorities.
Premier intends to use the proceeds of the placing principally to assist with
further operational funding of the ongoing optimisation operations at Zulu and
general working capital purposes necessary for the Group.

 

The disapplication of the pre-emptive rights approved by shareholders on the
21 May 2021 lapses on 21 May 2023.

 

Further details are set out in the appendix.

Appointment of joint broker

The Company has today appointed CMC Markets as joint broker to the Company.

Total Voting Rights

Following the issue of the Placing Shares, the Company's issued share capital
consists of 22,836,049,123 Ordinary Shares, with voting rights. This figure
may be used by shareholders in the Company as the denominator for the
calculation by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure and Transparency
Rules.

 

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)
 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

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'' ''could'' "should" ''envisage''
''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those
variations or comparable expressions including references to assumptions.
These forward-looking statements are not based on historical facts but rather
on the Directors' current expectations and assumptions regarding the Company's
future growth results of operations performance future capital and other
expenditures (including the amount. Nature and sources of funding thereof)
competitive advantages business prospects and opportunities. Such forward
looking statements reflect the Directors' current beliefs and assumptions and
are based on information currently available to the Directors. A number of
factors could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks associated with
vulnerability to general economic and business conditions competition
environmental and other regulatory changes actions by governmental authorities
the availability of capital markets reliance on key personnel uninsured and
underinsured losses and other factors many of which are beyond the control of
the Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be reasonable
assumptions. The Company cannot assure investors that actual results will be
consistent with such forward looking statements.

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, 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)

Director      Price        Volume(s)
                                                                                            George Roach       0.925p  11,891,892

 d)   Aggregated information

      - Aggregated volume                                          11,891,892 Ordinary Shares

      - Price                                                      0.925p

 e)   Date of the transaction                                      19 May 2023

 f)   Place of the transaction                                     Outside a trading venue

d)

 

Aggregated information

- Aggregated volume

11,891,892 Ordinary Shares

- Price

0.925p

e)

 

Date of the transaction

 

19 May 2023

f)

 

Place of the transaction

 

Outside a trading venue

 

END

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