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Premier African Min - Conversion of Loan

RNS Number : 5435U
Premier African Minerals Limited
30 July 2020
 

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

For immediate release

 

30 July 2020

Premier African Minerals Limited

 

Conversion of loan

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce the  full conversion of the loan instrument entered into with a company owned by a trust of which George Roach is a beneficiary as announced on 9 April 2020, into new ordinary shares in the Company in accordance with the terms of the loan agreement.

The loan, plus accrued interest, amounts to US$206,027 (£159,131.07) and the Company has therefore issued today 232,647,763 new ordinary shares to the Trust ("Conversion Shares"), representing approximately 1.9 per cent. of the current issued share capital of the Company, at an issue price of 0.0684p per Conversion Share. The issue price is equivalent to 90 per cent. of the daily volume weighted average price during the five days trading days immediately prior to the conversion. The Conversion Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for the Conversion Shares to be admitted to trading on AIM and admission is expected to take place on or around 15 August 2020.

On admission of the Conversion Shares, the Trust will be interested in a total of 347,455,736 ordinary shares representing 2.7 per cent. of the enlarged issued share capital of the Company. Accordingly, George Roach will be interested directly and indirectly in an aggregate of 837,132,385 ordinary shares, representing approximately 6.5 per cent. of the enlarged issued share capital of the Company.

Immediately on the issue of the Conversion Shares, the security held by the Trust over 200,000 shares of Circum Minerals Limited will be terminated.

Total Voting Rights

Following the issue of the Conversion Shares, the Company's issued share capital consists of 12,794,204,879 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.

 

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

Coc'roach Limited, a trust of which George Roach is a beneficiary

2

 

Reason for the notification

a)

 

Position/status

Chief Executive

b)

 

Initial notification /Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

 

Name

 

 

Premier African Minerals Limited

b)

 

LEI

 

213800WDKYXYJZE5DZ61

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 the financial instrument, type of instrument

Ordinary shares of no-par value in Premier African Minerals Limited

 



Identification code

ISIN: VGG7223M1005

 


b)

 

Nature of the transaction

 

Issue of Ordinary Shares

c)

 

Price(s) and volume(s)

 

 

Director

Price

Volume(s) 

George Roach


0.00684 p

232,647,763





 


 

 

d)

 

Aggregated information




- Aggregated volume

232,647,763 Ordinary Shares



- Price

0.0684p



e)

 

Date of the transaction

 

29 July 2019

f)

 

Place of the transaction

 

Outside a trading venue

 

 

 

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 r[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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