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RNS Number : 8770N
Premier African Minerals Limited
27 September 2019
 

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

For immediate release

 

27 September 2019

 

Premier African Minerals Limited

Issue of Equity

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce it has today raised by means of a direct subscription £250,000 before expenses at an issue price of 0.02 pence per new ordinary share.

 

George Roach, CEO, commented: "I expect this will be the last direct placement Premier will need in advance of expectations for the exclusive prospecting order application at Zulu Lithium and Tantalum project, and the ongoing electrification at the RHA Tungsten Mine in Zimbabwe.

 

At the same time, we are pleased with reports of ongoing increases in production tonnage at Otjozondu Mining in Namibia and we look forward to the possibilities that a closer association with this mine will bring in the future to Premier and its shareholders".

 

Placing

Premier has today issued by way of a placing ("Placing"), conditional on admission, 1,250,000,000 new ordinary shares of nil par value ("Placing Share") at a Placing price of 0.02 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application has been made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 3 September 2019. The Placing has been undertaken within the Company's existing share authorities. Premier intends to use the proceeds of the Placing to assist with the ongoing general working capital necessary for the Group.

 

Total Voting Rights

Following the issue of the Placing Shares, the Company's issued share capital will consist of 11,003,778,500 Ordinary Shares, with voting rights. This figure may then 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. The person who arranged the release of this announcement on behalf of the Company was George Roach.

 

Enquiries:

Fuad Sillem

Premier African Minerals Limited

Tel: +44 (0)7734 922074

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 and Zulu 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. In addition, the Company holds 5,010,333 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.

 

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.  Many 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.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

 

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.
 
END
 
 
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Quick facts: Premier African Minerals Ltd

Price: 0.13285

Market: AIM
Market Cap: £14.64 m
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