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RNS Number : 2451K Premier African Minerals Limited 11 April 2024
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
11 April 2024
Premier African Minerals Limited
Funding of Zulu Project and Update
Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce a subscription today for 1,212,121,212 new ordinary shares to raise
approximately £2 million before expenses at an issue price of 0.17 pence per
new ordinary share primarily for the Zulu Lithium and Tantalum Project
("Zulu").
George Roach, CEO, commented, "The final step in commissioning Zulu looks to
be the changes to be made to the material flow through the floatation plant as
described in our announcement of 10 April 2024. These changes expect to see
the floatation plant able to accept the design tonnage and to remove the
restrictions on potential spodumene concentrate production.
The required piping and valves are expected to load for site by Tuesday 16
April, and the expectation is that fitment could be complete as early as the
week commencing 22 April 2024. A further update will be made in due course".
Funding and Subscription
Premier has today issued by way of a direct subscription ("Subscription"),
conditional on admission, 1,212,121,212 new ordinary shares of nil par value
("Subscription Shares") at a Subscription price of 0.17 pence per Subscription
Share. The Subscription Shares will, when issued, rank pari passu in all
respects with the existing ordinary shares. CMC Markets UK Plc trading as CMC
CapX, acted as the Company's placing agent in respect of the placing.
Premier continues to engage with Zimbabwean based lenders for working capital
facilities and Zulu has now secured an interim working capital facility of
US$300,000 in Zimbabwe. An extended and larger term facility from potential
lenders will only be potentially available once Zulu can demonstrate a steady
state of production.
Premier believes that securing funding through the Subscription is the best
immediate solution to securing further project funding. Premier continues to
believe that once a steady state of production has commenced at Zulu, Premier
should be able to secure further working capital in Zimbabwe.
Application will be made for the Subscription Shares to be admitted to trading
on AIM and admission is expected to take place on or around 17 April 2024.
The Subscription has been arranged within the Company's existing share
authorities. Premier intends to use the proceeds of the Subscription
principally to assist with the ongoing mining operations at Zulu and general
working capital.
Total Voting Rights
Following the issue of the Subscription Shares, the Company's issued share
capital consists of 29,028,702,917 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.
Market Abuse Regulations
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 ("UK MAR").
The person who arranged the release of this announcement on behalf of the
Company was George Roach.
A copy of this announcement is available at the Company's website,
www.premierafricanminerals.com (http://www.premierafricanminerals.com) .
CMC CapX
Brokers and investors wishing to gain access to future CMC Markets
transactions, should register their interest at
https://www.cmcmarkets.com/en-gb/capx (https://www.cmcmarkets.com/en-gb/capx)
.
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
Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority, is acting
as nominated adviser to the Company in connection with the Subscription and
will not regard any other person as its client and will not be responsible to
anyone else for providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals. Beaumont
Cornish has not authorised the contents of, or any part of, this announcement
and no liability whatsoever is accepted by Beaumont Cornish for the accuracy
of any information or opinions contained in this announcement or for the
omission of any information. Beaumont Cornish as nominated adviser to the
Company owes certain responsibilities to the London Stock Exchange which are
not owed to the Company, the Directors, shareholders or any other person.
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 •rases 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 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.
Ends
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