3
October 2024
Premier African Minerals
Limited
Funding
Premier African Minerals Limited
("Premier" or the
"Company") is pleased to
announce a subscription today for 1,746,031,746 new ordinary shares
to raise approximately £550,000 before expenses at an issue price
of 0.0315 pence per new ordinary share.
Following the announcement on
announcement of Premier Interim Accounts on the 30 September 2024,
it remains of fundamental importance that Premier continues to
support all essential operational requirements at both Premier and
Zulu Lithium and Tantalum Project ("Zulu") while the multi option approach
on how best to move the Zulu forward, which includes a possible
sale of Zulu, either in its entirety, partially or as a joint
venture, or the potential installation of an additional spodumene
float plant.
In regard to the spodumene float
plant as installed, it should be noted that one of several
solutions under review would require an increase in throughput
above the original design capacity to match the surplus capacity of
the cleaner cells. At the same time the Company is in negotiations
that may result in direct investment into Zulu. The Company is also
happy to advise that it is also in early discussions regarding
payment options with a Chinese Engineering, Procurement and
Construction Management company that could potentially install an
additional spodumene float plant at Zulu.
George Roach, CEO, commented, "We are making progress, and I do expect a resolution to
this final problem after which we do expect to produce at grade and
at design recovery. The alternatives set out above are under active
negotiation and a satisfactory outcome should result."
Subscription
Premier has today issued by way of a
direct subscription ("Subscription"), conditional on
admission, 1,746,031,746 new ordinary shares of nil par value
("Subscription Shares") at
a Subscription price of 0.0315 pence 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 Subscription has been arranged
within the Company's existing share authorities. Premier intends to
use the proceeds of the Subscription principally to assist with the
ongoing mining operations at Zulu and general working
capital.
Admission
Application is being made for
1,746,031,746 Subscription Shares, to be admitted to trading on AIM
and admission is expected to take place on or around 9 October
2024.
Total Voting Rights
Following the issue of the
Subscription Shares, the Company's issued share capital consists of
36,027,719,957 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.
CMC CapX
Brokers and investors wishing to gain
access to future CMC Markets transactions, should register their
interest at https://www.cmcmarkets.com/en-gb/capx.
Enquiries:
|
George Roach
|
Premier African Minerals Limited
|
Tel: +27 (0) 100 201 281
|
|
Michael Cornish / Roland Cornish
|
Beaumont Cornish Limited
(Nominated Adviser)
|
Tel: +44 (0) 20 7628 3396
|
|
Douglas Crippen
|
CMC
Markets UK Plc
|
Tel: +44 (0) 20 3003 8632
|
|
Toby Gibbs/Rachel Goldstein
|
Shore Capital Stockbrokers Limited
|
Tel: +44 (0) 20 7408 4090
|
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
