21
January 2025
Premier African Minerals
Limited
Fundraising
update
Premier African Minerals
Limited ("Premier" or
the "Company") announces
that the proposed fundraising of £3.5 million through the issue of
new Ordinary Shares by way of a placing and retail offer as
announced on 16 January 2025 (together, "the Fundraising") will not now
proceed.
As previously announced, completion
of each of the Placing and Retail Offer was inter-conditional upon,
inter alia, the gross proceeds of the Fundraising, taken together
with the value of liabilities that creditors agree to settle by
accepting new shares ("Settlement
Shares"), on the same terms as to price as the Placing,
being not materially less than £3.5 million.
Following the accelerated bookbuild
which was announced on 16 January 2025, the Company conditionally
raised gross proceeds of £1.2 million through the Placing of
4,336,999,996 new Ordinary Shares at a price of 0.0275 pence (the
"Issue Price") per share.
Shareholders applications under the Retail offer were insufficient
at the Issue Price to raise the target amount, and the Board
together with its Brokers has therefore determined not to proceed
with the Placing and Retail Offer as currently
structured.
The Board is considering a
restructuring of the fundraising which might include a variation to
the issue size along with alternative funding options and a further
announcement will be made in due course. In the meantime, the
Company has not issued any shares pursuant to the Fundraising. The
Company's financial position remains as previously
disclosed.
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.
A copy of this announcement is
available at the Company's website, www.premierafricanminerals.com
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/Harry Davies-Ball
|
Shore Capital Stockbrokers Limited
|
Tel: +44 (0) 20 7408 4090
|
|
Andrew Monk / Andrew Raca
|
VSA
Capital Limited
|
Tel: +44 (0)20 3005 5000
|
Beaumont Cornish Limited, which is
authorised and regulated in the United Kingdom by the
Financial Conduct Authority, is acting as nominated adviser to the
Company in relation to the matters referred herein. Beaumont
Cornish Limited is acting exclusively for the Company and for
no one else in relation to the matters described in this
announcement and is not advising any other person and accordingly
will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Beaumont
Cornish Limited, or for providing advice in relation to the
contents of this announcement or any matter referred to in
it.
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.
In addition, the Company holds a 19%
interest in MN Holdings Limited, the operator of
the Otjozondu Manganese Mining
Project in Namibia.
Ends
