REG - Premier African Min. - Funding

Premier African MineralsAnnouncement

03/10/2024 07:00

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RNS Number : 7370G  Premier African Minerals Limited  03 October 2024

3 October 2024

 

Premier African Minerals Limited

 

 Funding

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce a subscription today for 1,746,031,746 new ordinary shares to raise
approximately £550,000 before expenses at an issue price of 0.0315 pence per
new ordinary share.

 

Following the announcement on announcement of Premier Interim Accounts on the
30 September 2024, it remains of fundamental importance that Premier continues
to support all essential operational requirements at both Premier and Zulu
Lithium and Tantalum Project ("Zulu") while the multi option approach on how
best to move the Zulu forward, which includes a possible sale of Zulu, either
in its entirety, partially or as a joint venture, or the potential
installation of an additional spodumene float plant.

 

In regard to the spodumene float plant as installed, it should be noted that
one of several solutions under review would require an increase in throughput
above the original design capacity to match the surplus capacity of the
cleaner cells. At the same time the Company is in negotiations that may result
in direct investment into Zulu. The Company is also happy to advise that it is
also in early discussions regarding payment options with a Chinese
Engineering, Procurement and Construction Management company that could
potentially install an additional spodumene float plant at Zulu.

 

George Roach, CEO, commented, "We are making progress, and I do expect a
resolution to this final problem after which we do expect to produce at grade
and at design recovery. The alternatives set out above are under active
negotiation and a satisfactory outcome should result."

 

Subscription

Premier has today issued by way of a direct subscription ("Subscription"),
conditional on admission, 1,746,031,746 new ordinary shares of nil par value
("Subscription Shares") at a Subscription price of 0.0315 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.

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.

Admission

 

Application is being made for 1,746,031,746 Subscription Shares, to be
admitted to trading on AIM and admission is expected to take place on or
around 9 October 2024.

Total Voting Rights

 

Following the issue of the Subscription Shares, the Company's issued share
capital consists of 36,027,719,957 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

 

Nominated Adviser Statement

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 this
announcement 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 document and no liability whatsoever is accepted by Beaumont Cornish
for the accuracy of any information, or opinions contained in this document 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 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 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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