Premier African Minerals Limited Appointment of Joint Broker and placing (2043R)
27 February 2019 - 6:01PM
UK Regulatory
TIDMPREM
RNS Number : 2043R
Premier African Minerals Limited
27 February 2019
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
27 February 2019
Premier African Minerals Limited
Appointment of Joint Broker and placing
Premier African Minerals Limited ("Premier" or the "Company") is
pleased to announce a placing today to raise GBP400,000 before
expenses at an issue price of 0.09 pence per new ordinary
share.
Appointment of Joint Broker
Premier is also pleased to announce the appointment of SVS
Securities plc as the Company's joint broker to work alongside its
existing corporate broker, Shore Capital Stockbrokers Limited, with
immediate effect.
Placing
Premier has today issued by way of a placing ("Placing"),
conditional on admission, 444,444,444 new ordinary shares of nil
par value ("Placing Shares") at a Placing price of 0.09 pence per
Placing Share. The Placing Shares will, when issued, rank pari
passu in all respects with the existing ordinary shares.
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
7 March 2019. The Placing has been undertaken within the Company's
existing share authorities. Premier intends to use the proceeds of
the Placing to assist with the funding of the ongoing due diligence
on the Honey Badger Resources Limited ("HBR") acquisition, deal
costs for the HBR and KME Plant (Proprietary) Limited transaction
as announced (see RNS dated 14 February 2019) and general working
capital necessary for the Group.
George Roach, CEO of Premier, commented: "We have held off
taking any placement to cover deal costs and some immediate working
capital requirements until now. With renewed progress at RHA
Tungsten, due diligence commencing on HBR and first benefits of the
anticipated KME Plant Hire deal coming through with our "back
-to-work" announcement yesterday in regard to the Zulu Lithium
Project, I look forward to a period of refocus on value and the
potential benefits of the anticipated acquisitions.
HBR in particular, with a compliant inferred mineral resource
greater than 500,000 ounces, partial development including existing
surface plant, upside resource potential and anticipated production
toward the end of 2019, represents complementary potential early
production in support of RHA. I do remind shareholders that we have
reached general agreement on issues affecting the financing and
return to production at RHA Tungsten with the Ministry of Industry,
Commerce and Enterprise Development and we will announce further
details as soon as the agreements are signed."
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued
share capital consists of 8,038,506,729 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.
Special note concerning the Market Abuse Regulation
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged the
release of this announcement on behalf of the Company was George
Roach.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
--------------------------- ---------------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
--------------------------- ---------------------
Tom Curran/Elliot Tel: +44 (0) 20 3700
Hance SVS Securities Limited 0100
--------------------------- ---------------------
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 and Zulu 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. In addition, the Company
holds 5,010,333 shares in Circum Minerals Limited ("Circum"), the
owners of the Danakil Potash Project in Ethiopia, which has the
potential to be a world class asset.
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. Many 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.
ENDS
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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