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Premier African Min - Conversion of Investment Agreement

RNS Number : 0939U
Premier African Minerals Limited
27 July 2020
 

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

 

27 July 2020

Premier African Minerals Limited

 

Conversion of Investment Agreement

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") announces that D-Beta One EQ, Ltd, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited, collectively referred to as the ("Investors") elected on 24 July 2020 to convert US$50,000 of the investment plus accrued interest of US$6,276.71, amounting to US$56,276.71 (£44,115.31) in aggregate, in accordance with the terms of the Investment Agreement as announced on the 7 May 2020 into new ordinary shares in the Company.

The Company has therefore issued today 70,426,740 new ordinary shares to the Investors ("Investors Shares") at an issue price of 0.062640p per Investors Share, the issue price being 90 per cent. of the lowest daily volume weighted average price during the five days trading days immediately prior to the repayment. The Investors Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for the Investors Shares to be admitted to trading on AIM and admission is expected to take place on or around 31 July 2020.

Total Voting Rights

Following the issue of the Payment Shares, the Company's issued share capital consists of 12,437,044,414 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

(Nominated Adviser)

Tel: +44 (0) 20 7628 3396

Jerry Keen/Edward Mansfield

Shore Capital Stockbrokers Limited

Tel: +44 (0) 20 7408 4090

 

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


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 [email protected] or visit www.rns.com.
 
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Price: 0.05

Market: AIM
Market Cap: £6.65 m
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