REG - Premier African Min - Grant of Options

Premier African MineralsAnnouncement

31/05/2022 07:00

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RNS Number : 3648N  Premier African Minerals Limited  31 May 2022

31 May 2022

Premier African Minerals Limited

("Premier" or the "Company")

Grant of Options

Premier African Minerals Limited (AIM: PREM), announces that, on 31 May 2022
options for 1,127,500,000 ordinary shares of no-par value in the Company were
awarded to both directors and management ("Options"). Options for up to
317,500,000 ordinary shares of no-par value in the Company (the "Director
Options") were awarded to Directors. In addition, the Company has also issued
a further 810,000,000 options to a non-board members and management on similar
terms ("Management Options").

 

In aggregate, the award of new Director Options to the Directors represents
approximately 1.42 per cent. of the Company's current issued share capital and
is therefore not being treated as a Related Party Transaction under AIM Rule
13.

 

Further details of the Options awards are set out below:

 

 Director            New options awarded  Exercise price  First exercise date                                                             Expiry date
 George Roach        65,000,000           Nil Cost        The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at  31 May 2032
                                                          the Zulu Lithium Project.
                     65,000,000           0.4p            1 December 2023                                                                 31 May 2032
                     65,000,000           0.5p             31 May 2024                                                                    31 May 2032
                     65,000,000           0.5p            1 December 2024                                                                 31 May 2032

 Godfrey Manhambara  40,000,000           Nil Cost        The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at  31 May 2032
                                                          the Zulu Lithium Project.

 Wolfgang Hampel     17,500,000           Nil Cost        The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at  19 January 2027
                                                          the Zulu Lithium Project.
 Note: Further details are set out in the Appendix.

 

Option Schedule

122,500,000 of the Director Options and 202,500,000 Management Options will be
exercisable and converted into ordinary shares in the Company at a nil cost on
the sooner of 31 May 2023 or completion of the Definitive Feasibility Study at
the Zulu Lithium Project.

 

65,000,000 of the Director Options and 202,500,000 Management Options will be
exercisable and converted into ordinary shares in shares in the Company from1
December 2023 at a price 0.4p.

 

65,000,000 of the Director Options and 202,500,000 Management Options will be
exercisable and converted into ordinary shares in shares in the Company from
31 May 2024 at a price 0.5p.

 

65,000,000 of the Director Options and 202,500,000 Management Options will be
exercisable and converted into ordinary shares in shares in the Company from 1
December 2024 at a price 0.5p.

 

The Director Options and the Management Options will, unless otherwise
exercised, all expire on 31 May 2032.

 

Following this issue of Options, the Company has a total of
1,251,950,860 ordinary shares under option, equivalent to approximately 5.03
per cent of the Company's current issued ordinary share capital.

 

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)
 John More/Toby Gibbs                Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090
 Matthew Bonner                      EAS Advisors LLC                    Tel: +1 646 495 2225

 

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 per cent
interest in Circum Minerals Limited ("Circum"), the owners of the Danakil
Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share
capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.

 

In addition, the Company holds a 19 per cent 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 notification
 a)  Position / status                                            Director
 b)  Initial notification                                         Initial

     /Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Premier African Minerals Limited
 b)  LEI                                                          Not applicable
 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 0.01 pence each in Premier African Minerals Limited

     Identification code                                          ISIN VGG7223M1005
     Nature of the transaction                                    Issue of options over Ordinary Shares
     Price(s) and volumes(s)

Price(s)  Volumes(s)
                                                                  Nil Cost  65,000,000
                                                                  £0.004    65,000,000
                                                                  £0.005    65,000,000
                                                                  £0.005    65,000,000
 d)  Aggregated information                                       n/a
 e)  Date of the transaction                                      31 May 2022
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

n/a

e)

Date of the transaction

31 May 2022

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Godfrey Manhambara
 2   Reason for notification
 a)  Position / status                                            Director
 b)  Initial notification                                         Initial

     /Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Premier African Minerals Limited
 b)  LEI                                                          Not applicable
 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 0.01 pence each in Premier African Minerals Limited

     Identification code                                          ISIN VGG7223M1005
     Nature of the transaction                                    Issue of options over Ordinary Shares
     Price(s) and volumes(s)                                      Price(s)  Volumes(s)
                                                                  Nil Cost  40,000,000
 d)  Aggregated information                                       n/a
 e)  Date of the transaction                                      31 May 2022
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

n/a

e)

Date of the transaction

31 May 2022

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Wolfgang Hampel
 2   Reason for notification
 a)  Position / status                                            Director
 b)  Initial notification                                         Initial

     /Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Premier African Minerals Limited
 b)  LEI                                                          Not applicable
 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 0.01 pence each in Premier African Minerals Limited

     Identification code                                          ISIN VGG7223M1005
     Nature of the transaction                                    Issue of options over Ordinary Shares
     Price(s) and volumes(s)

Price(s)  Volumes(s)
                                                                  Nil Cost  17,500,000
 d)  Aggregated information                                       n/a
 e)  Date of the transaction                                      31 May 2022
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

n/a

e)

Date of the transaction

31 May 2022

f)

Place of the transaction

Outside a trading venue

 

ENDS

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