TIDMPREM
RNS Number : 8198I
Premier African Minerals Limited
17 August 2021
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
17 August 2021
Premier African Minerals Limited
Placing and Funding of Ongoing Zulu DFS Programme
The Board of Premier African Minerals Limited ("Premier" or the
"Company") is pleased to announce a placing today to raise
GBP1,000,000 before expenses at an issue price of 0.2 pence per new
ordinary share for the ongoing Definitive Feasibility Study ("DFS")
at the Company's Zulu Lithium project in Zimbabwe ("Zulu").
George Roach, CEO commented: "Now that we are properly
established on site with an expanding base camp, the first two rigs
operating, plans for a third rig and the general work on the DFS
underway, it is also time to direct more effort and resource into
the rest of the Exclusive Prospecting Order ("EPO") of some 205
square kilometres.
Our exploration teams are appointed, airborne geophysics and
other remote sensing has been commissioned and we have high
expectations for both additional Lithium, Caesium and Tantalum
pegmatite discovery and other potential in respect of the Fort
Rixon greenstone belt that intrudes into parts of the EPO area.
The EPO area includes known gold mineralisation and historic
reports of producing gold mines. Premier's portfolio of exploration
assets and our interest in the producing manganese operations at
Otjozondu in Namibia, are representative of an "in demand" basket
of industrial minerals and with improving economics and elevated
demand, Premier is well positioned to ride this wave of interest in
our Lithium, Tungsten, Manganese, Rare Earths, gold and fluorspar
deposits and exploration projects."
Placing
Premier has today issued by way of a placing ("Placing"),
conditional on admission, 500,000,000 new ordinary shares of nil
par value ("Placing Shares") at a Placing price of 0.2 pence per
Placing Share. The Placing Shares will, when issued, rank pari
passu in all respects with the existing ordinary shares. Monecor
(London) Ltd, trading as ETX Capital ("ETX Capital"), acted as the
Company's sole placing agent in respect of the Placing.
Application will be made for the Placing Shares to be admitted
to trading on AIM and admission is expected to take place on or
around 23 August 2021.
The Placing has been arranged within the Company's existing
share authorities. Premier intends to use the proceeds of the
placing to assist with further funding of the ongoing works
associated at the DFS at Zulu, the exploration of the EPO area
surrounding Zulu and general working capital purposes necessary for
the Group.
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued
share capital consists of 18,918,009,831 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.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed 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 re ect 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.
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.
Enquiries:
Premier African Minerals Tel: +27 (0) 100
George Roach Limited 201 281
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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Matthew Bonner EAS Advisors LLC Tel: +1 646 495 2225
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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,
encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset.
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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