REG - Premier African Min. - Fundraising Update

Premier African MineralsAnnouncement

21/01/2025 07:00

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RNS Number : 0976U  Premier African Minerals Limited  21 January 2025

21 January 2025

Premier African Minerals Limited

Fundraising update

 

Premier African Minerals Limited ("Premier" or the "Company") announces that
the proposed fundraising of £3.5 million through the issue of new Ordinary
Shares by way of a placing and retail offer as announced on 16  January 2025
(together, "the Fundraising") will not now proceed.

As previously announced, completion of each of the Placing and Retail Offer
was inter-conditional upon, inter alia, the gross proceeds of the Fundraising,
taken together with the value of liabilities that creditors agree to settle by
accepting new shares ("Settlement Shares"), on the same terms as to price as
the Placing, being not materially less than £3.5 million.

Following the accelerated bookbuild which was announced on 16 January 2025,
the Company conditionally raised gross proceeds of £1.2 million through the
Placing of 4,336,999,996 new Ordinary Shares at a price of 0.0275 pence (the
"Issue Price") per share. Shareholders applications under the Retail offer
were insufficient at the Issue Price to raise the target amount, and the Board
together with its Brokers has therefore determined not to proceed with the
Placing and Retail Offer as currently structured.

The Board is considering a restructuring of the fundraising which might
include a variation to the issue size along with alternative funding options
and a further announcement will be made in due course. In the meantime, the
Company has not issued any shares pursuant to the Fundraising. The Company's
financial position remains as previously disclosed.

Market Abuse Regulation

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.

 

A copy of this announcement is available at the Company's
website, www.premierafricanminerals.com
(https://url.avanan.click/v2/r02/___http:/www.premierafrican/___.YXAxZTpzaG9yZWNhcDphOm86MWJkODQ0MjkxNDVhNDFmNGQxZGM3NzE0MmNkZTkyMTU6NzpkMjJmOjgyNjEzMjgwMTJiNGZkNWIwMzViMGExMjZiMWU3MjY0ZjI0MTY0ZmYxOTFhM2JjYmM1NWUxNWI5MjQyNDZmZmM6cDpUOk4)

 

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/Harry Davies-Ball        Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090
 Andrew Monk / Andrew Raca           VSA Capital Limited                 Tel: +44 (0)20 3005 5000

 

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

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.

 

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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