REG - Premier African Min. - Interim Funding

Premier African MineralsAnnouncement

Wed 07:00

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RNS Number : 2917M  Premier African Minerals Limited  11 June 2025

11 June 2025

Premier African Minerals Limited

 

Interim Funding

 

The Board of 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 0.012 pence per new ordinary share ("Issue
Price") for the Zulu Lithium and Tantalum Project ("Zulu").

 

In addition, the Company has settled US$1.1 million (equivalent to £0.740
million) worth of contractor's invoices of Zulu through the issue of
6,174,166,667 new ordinary shares in the Company at the Issue Price.

 

Premier principal priority and the basis of this funding is firstly, to
complete the installation and commissioning of the inserts needed to improve
the retention time of concentrates in the cleaner section of the original
float plant and in so doing, improve grade and recovery, Secondly to progress
the completion of the alternative spodumene float plant, should the primary
plant not perform to expectations, and thirdly to part fund certain operating
expenses and debt settlements.

 

The FTSE100 listed party to the original LOI (as announced on the 23 April
2025) has agreed that further negotiations between them, Canmax and Premier
should proceed as soon as grade and recovery is satisfactory and this is
expected to be in either July 2025, based on the insert performance, or middle
to late August if Premier needs to wait for completion of the secondary float
circuit.

 

George Roach, CEO, commented, "The work associated with this is progressing on
time and budget. It is worth noting that the inserts and the secondary
floatation circuit are exactly as proposed in Q3 2024 but now, with many more
months of test work completed that all indicates proper recovery and grade
should be achieved.

 

Premier has taken advantage of the interim period since Q3 2024 to progress
important other work streams. These include a detailed study of alternative
ore sorting options, advancement of possible recovery of high purity quartz,
and recovery of tantalite, the principal tantalum bearing mineral at Zulu.
Pegmatites such as the that being mined at Zulu are a source of a variety of
industrial minerals and not only spodumene. Other products will make an
important contribution to the overall life of mine profitability of this
project in time.

 

Further reference to all three opportunities will be included in the annual
financial statements due on 30 June 2025".

 

Subscription and Contractor Settlement

 

Premier has today issued by way of a direct subscription ("Subscription"),
conditional on admission, 13,125,000,000 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 Company has today also settled payment of US$1.1 million (equivalent to
£0.740 million) in invoices through the issue of 6,174,166,667 new ordinary
shares of the Company at the Issue Price ("Settlement Shares").

 

Any sales of the Settlement Shares will be managed by Premier's brokers under
orderly market conditions and will have an initial lock up period of 7 trading
days from the admission date.

 

The Subscription and Settlement Shares, which in aggregate amount to
19,299,166,667 new ordinary shares (the "New Shares"), has been arranged
within the Company's existing share authorities. Premier intends to use the
proceeds of the Subscription principally to assist with the further payments
towards the secondary flotation plant, ongoing civil works for the secondary
plant, the management of essential creditors at Zulu and provide general
working capital for Premier.

 

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 17 June 2025.

 

Total Voting Rights

 

Following the issue of the New Shares, the Company's issued share capital
consists of 70,266,795,715 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
(https://url.avanan.click/v2/r02/___http:/www.premierafricanminerals.com/___.YXAxZTpzaG9yZWNhcDphOm86NDU5OGU0ZDgzYTJhOTIyZjliOTk4ODJkZWFmNTJlZTg6NzphYTg0Ojc2YzFhOGFhN2NmNjk2OWY1NzlkYTNjNGExM2ExZGI0YjBlNDMyYWVlZjg2ZTAxZmQ2NTc0OTRjODZiMzE5MDY6cDpUOk4)
.

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. 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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