Premier African Minerals Limited Offtake and Prepayment Agreement Update (2831E)
29 June 2023 - 1:37AM
UK Regulatory
TIDMPREM
RNS Number : 2831E
Premier African Minerals Limited
28 June 2023
28 June 2023
Premier African Minerals Limited
Offtake and Prepayment Agreement Update
Premier African Minerals Limited ("Premier" or the "Company"),
provides a further update on the Offtake and Prepayment Agreement
("Agreement") entered into between Premier and Canmax Technologies
Co., Ltd. ("Canmax") for spodumene concentrate produced at Zulu
Lithium and Tantalum Project ("Zulu").
Premier confirms that it has today received a purported notice
of termination of the Agreement ("Notice of Termination") from
Canmax following Premier's service of a Notice of Force Majeure on
Canmax on 25 June 2023 as announced on 26 June 2023.
Shareholders are reminded that the immediate effect of the Force
Majeure ("FM") is the suspension of Premier's obligations under the
Agreement and Canmax's right to terminate.
At this stage, whilst Canmax may dispute the grounds for
declaration of the FM and are yet to provide formal communication
to that effect, as such, Premier has been advised that the Notice
of Termination, which requires inter alia the repayment by Premier
of the Prepayment Amount of approximately US$34.6m (plus interest
as applicable) within 90 days of today's date, cannot be served at
this time.
George Roach, CEO commented , "The Company has been advised that
this notice of termination has no force or effect. Premier has
repeatedly extended an invitation to Canmax to attempt to resolve
this situation as set out in the Agreement, and does so again, now,
and publicly".
Related Party
As Canmax is interested in 13.14 per cent. of the Company's
issued share capital and therefore a related party under the AIM
Rules, any amendments to the Agreement will be dealt with in
accordance with AIM Rule 13.
MAR (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.
Enquiries:
George Roach Premier African Minerals Tel: +27 (0) 100
Limited 201 281
Michael Cornish Beaumont Cornish Limited Tel: +44 (0) 20
/ Roland Cornish (Nominated Adviser) 7628 3396
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Douglas Crippen CMC Markets UK Plc Tel: +44 (0) 20
3003 8632
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John More/Toby Shore Capital Stockbrokers Tel: +44 (0) 20
Gibbs Limited 7408 4090
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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 and
lithium and gold in Mozambique, encompassing brownfield projects
with near-term production potential to grass-roots exploration. The
Company has a ccepted 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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END
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