TIDMPREM
RNS Number : 5204S
Premier African Minerals Limited
21 December 2016
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
21 December 2016
Premier African Minerals Limited
("Premier" or the "Company")
Issue of Equity
Directors dealing
Premier African Minerals Limited (AIM: PREM), the London-quoted
mining and exploration company is pleased to announce that it has
issued new ordinary shares ("Ordinary Shares") in the Company as
payment for outstanding fees to certain current and former
non-executive directors, Afmine and a consultant (the "Fees
Conversion").
George Roach, Premier's CEO, commented: "My appreciation and
thanks to our directors for their willingness to accept fees in
this form. Also for their stated intentions to hold these shares,
which is a clear expression of confidence in our longer term
future. I note that Directors collectively hold a significant
position in Premier".
Details of Fees Conversion
The Company has today issued 25,763,185 new Ordinary Shares to
certain non-executive directors of Premier African Minerals Limited
at an issue price of 0.275 pence per new Ordinary Share (the "Issue
Price") in satisfaction of accrued outstanding director fees,
technical advisory services and other expenses in respect of the
financial year ended 31 December 2015 as set out in the table
below. The closing mid-market price on 20 December 2016 was
0.275p.
Director Outstanding Number Total number Percentage
fees to of Director of Ordinary of the
be converted Fee Ordinary Shares enlarged
Shares hold following share capital
issued issue of of the
the Director Company
Fee Shares
---------- --------------- -------------- ---------------- ---------------
Michael
Foster GBP15,000.00 5,454,545 5,454,545 0.0026%
---------- --------------- -------------- ---------------- ---------------
John Ian
Stalker GBP55,848.76 20,308,640 31,775,116 1.5%
---------- --------------- -------------- ---------------- ---------------
In addition, the Company has issued today a further 5,454,545
Ordinary Shares to Neil Herbert, a former non-executive director of
the Company who retired from the Board in April 2016, also at the
Issue Price, in respect of outstanding director fees of
GBP15,000.
In aggregate therefore the total number of new Ordinary Shares
issued to Michael Foster, John Ian Stalker and Neil Herbert amounts
to 31,217,730 new Ordinary Shares (the "Director Fee Shares"),
representing 1.5 per cent. of the current issued share capital of
the Company.
The Company also issued today 19,213,580 new Ordinary Shares at
an issue price of 0.3162 pence per new Ordinary Share to African
Mining and Exploration ("Afmine"), the principal mining contractor
at RHA Tungsten (Private) Limited for services rendered in relation
to ongoing mining operations as detailed in the announcement dated
5 October 2016 (the "Afmine Shares"). In addition, the Company
issued today a further 7,272,727 new Ordinary Shares at an issue
price of 0.275 pence per new Ordinary Share to a consultant in full
and final settlement of fees of GBP20,000 due on the completion of
the acquisition of TCT Industrias Florestais Limitada (the
"Consultant Shares").
The Director Fee Shares, the Afmine Shares and the Consultant
Shares (together, the "Fee Conversion Shares") amount, in
aggregate, to 57,704,037 new Ordinary Shares. The Fee Conversion
Shares will rank pari passu in all respects with the existing
Ordinary Shares. Application will be made for the Fee Conversion
Shares to be admitted to trading on AIM and admission is expected
to take place on or around 3 January 2017.
Following the issue of the Ordinary Shares, the Company's issued
share capital consists of 2,117,064,645 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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
------------------- --------------------------- ------------------
Michael Cornish Beaumont Cornish Tel: +44 (0) 207
/ Roland Cornish Limited 628 3396
(Nominated Adviser)
------------------- --------------------------- ------------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207
Mansfield Limited 408 4090
------------------- --------------------------- ------------------
Charles Goodwin/
/Harriet Jackson/ Yellow Jersey PR Tel: +44 (0) 7747
Clare Glynn Limited 788221
------------------- --------------------------- ------------------
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused in Southern and Western Africa with production started at
its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, gold, lithium and tantalum in
Zimbabwe and Benin, encompassing brownfield projects with near-term
production potential to grass-roots exploration. The Company
recently acquired a 52% controlling stake in Mozambique-based TCT
Industrias Florestais Limitada, which owns a substantial limestone
deposit and forestry business located on rail in the Sofala
Province of Mozambique. In addition, The Company holds 2 million
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. At present those shares are valued at US$4
million based on the latest price at which Circum has accepted
subscriptions. Premier also has a 4.5% interest in Casa Mining
Limited, a privately-owned exploration company that has a 71.25%
interest in the 1.2 million ounce inferred resource Akyanga gold
deposit in the DRC.
Further information
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as described above.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ------------------------------------------------------------
a) Name Michael Foster
--- ------------------------ ----------------------------------
2 Reason for notification
--- ------------------------------------------------------------
a) Position / status Director
--- ------------------------ ----------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ ----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ------------------------------------------------------------
a) Name Premier African Minerals
Limited
--- ------------------------ ----------------------------------
b) LEI Not applicable
--- ------------------------ ----------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ------------------------------------------------------------
a) Description of Ordinary shares of 0.01 pence
the financial each in Premier African Minerals
instrument, type Limited
of instrument ISIN VGG7223M1005
Identification
code
--- ------------------------ ----------------------------------
Nature of the Issue of new ordinary shares
transaction in settlement of accrued
direct fees
--- ------------------------ ----------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
0.275p 5,454,545
--------- -----------
--- ------------------------ ----------------------------------
d) Aggregated information n/a
--- ------------------------ ----------------------------------
e) Date of the transaction 21 December 2016
--- ------------------------ ----------------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ ----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------
a) Name John Ian Stalker
--- ------------------------ -------------------------------------
2 Reason for notification
--- ---------------------------------------------------------------
a) Position / status Director
--- ------------------------ -------------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ---------------------------------------------------------------
a) Name Premier African Minerals
Limited
--- ------------------------ -------------------------------------
b) LEI Not applicable
--- ------------------------ -------------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- ---------------------------------------------------------------
a) Description of Ordinary shares of 0.01 pence
the financial each in Premier African Minerals
instrument, type Limited
of instrument ISIN VGG7223M1005 ISIN VGG7223M1005
Identification
code
--- ------------------------ -------------------------------------
Nature of the Issue of new ordinary shares
transaction in settlement of accrued
direct fees, technical advisory
services and expenses
--- ------------------------ -------------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) --------- -----------
0.275p 20,308,640
--------- -----------
--- ------------------------ -------------------------------------
d) Aggregated information n/a
--- ------------------------ -------------------------------------
e) Date of the transaction 21 December 2016
--- ------------------------ -------------------------------------
f) Place of the London Stock Exchange, AIM
transaction (XLON)
--- ------------------------ -------------------------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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