REG - Premier African Min. - Interim Funding

Premier African MineralsAnnouncement

25/04/2025 07:00

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RNS Number : 1463G  Premier African Minerals Limited  25 April 2025

25 April 2025

Premier African Minerals Limited

 

Interim Funding

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce a subscription today to raise £1.575 million before expenses at an
issue price of 0.035 pence per new ordinary share ("Issue Price") primarily
for the Zulu Lithium and Tantalum Project ("Zulu").

 

Following the announcement on 24 April 2025, Premier considers that it is
essential to complete the commissioning and optimisation of both the Primary
Flotation Plant and Secondary Flotation Plant at Zulu to ensure that the Zulu
plant is able to achieve the required grade and tonnage to reach a binding
agreement for the future development of Zulu.

 

George Roach, CEO, commented, "The recently announced amendment to the Offtake
and Prepayment agreement with Canmax, the provision of a non-binding letter of
interest and the alleviation of the concerns related to the long stop date all
help a restoration of confidence in Premier, and this should help support us
through the next three months whilst we complete the spodumene float section
at Zulu".

 

Subscription

Premier has today issued by way of a direct subscription ("Subscription"),
conditional on admission, 4,500,000,000 new ordinary shares of nil par value
("Subscription Shares") at the Issue Price 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 Shares amount to 4,500,000,000 new ordinary shares which has
been arranged within the Company's remaining share authorities. Premier
intends to use the proceeds of the Subscription principally to assist with the
payment of the secondary flotation plant, commencement of civil works for the
secondary plant, the management of essential creditors at Zulu and provide
general working capital for Premier.

 

There has been no material change to the Company's financial position since
the announcement on 6 March 2025 and following this Subscription, the Company
will continue to require future funding in particular to ensure that the Zulu
plant is able to achieve the required grade and tonnage to reach a binding
agreement for the future development, meet operating costs of Zulu and settle
creditors.

 

Admission

 

Application is being made for the New Shares to be admitted to trading on AIM
and admission is expected to take place on or around 1 May 2025.

 

Total Voting Rights

 

Following the issue of the New Shares, the Company's issued share capital
consists of 50,967,629,048 Ordinary Shares, with voting rights and the Company
has now utilised all share authorities approved at the meeting of shareholders
held on the 23 December 2024.

 

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) .

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

 

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.

 

Ends

 

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