Premier African Minerals Limited Placing and Appointment of a Financial Adviser (7162C)
21 October 2020 - 5:00PM
UK Regulatory
TIDMPREM
RNS Number : 7162C
Premier African Minerals Limited
21 October 2020
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
21 October 2020
Premier African Minerals Limited
Placing and
Appointment of a Financial Adviser
Premier African Minerals Limited ("Premier" or the "Company") is
pleased to announce a placing today to raise GBP1,100,000 before
expenses at an issue price of 0.04 pence per new ordinary share
which has been arranged by States Bridge Capital Limited ("SBC"),
who the Company has also appointed as a financial adviser to assist
the Company with the identifying and securing of high value
exploration and/or cash generative assets.
George Roach, CEO commented : "This placement and the strong
support we have received will facilitate Premier's stated objective
of mitigating country risk and allowing the Company to access other
high value exploration and/or cash generative assets.
At the same time, Premier will be in a position to responsibly
reassess its Zimbabwean assets and determine the best course of
action to generate value for shareholders. I continue to believe in
the value of our Zimbabwean assets and it is my fervent desire that
the Zimbabwean government will resolve the issues surrounding RHA
Tungsten and grant Premier the Exclusive Prospecting Order over the
extended area at Zulu Lithium.
I expect to provide a further update in the near future."
Placing
Premier has today issued by way of a placing ("Placing"),
conditional on admission, 2,750,000,000 new ordinary shares of nil
par value ("Placing Shares") at a Placing price of 0.04 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
28 October 2020.
The Placing has been arranged by SBC and undertaken within the
Company's existing share authorities. Premier intends to use the
proceeds of the Placing to assist with the funding to identify and
secure high value exploration and/or cash generative assets in
other jurisdictions, payment of certain debts and for general
working capital purposes necessary for the Group.
Appointment of Financial Adviser
Premier is also pleased to announce the appointment of SBC as a
financial adviser to the Company to work alongside its existing
advisers to assist the Company with identifying and securing high
value exploration targets in other jurisdictions, with immediate
effect.
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued
share capital consists 16,292,866,360 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.
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)
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Jerry Keen/Edward Mansfield Shore Capital Stockbrokers Limited Tel: +44 (0) 20 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,
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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