logo-loader
viewPremier African Minerals Ltd

Premier African grants Cadence 20-day extension of due diligence period at Zulu lithium project

The recent elections in Zimbabwe have caused some “unexpected interruptions” so Premier has agreed to give Cadence until September 14 to carry out its due diligence

Zimbabwe flag
Cadence agreed in principle to take up to a 30% stake in Zulu earlier this summer

Premier African Minerals Ltd (LON:PREM) has agreed to let Cadence Minerals Plc (LON:KDNC) have a little more time to carry out its due diligence on the Zulu lithium and tantalum project in Zimbabwe.

Back in June, Cadence signed a conditional heads-of-terms agreement to acquire up to a 30% stake in Zulu for up to US$5.1mln.

READ: Cadence set to invest in Zulu

The plan is that the investment will fund the definitive feasibility study of the project, where a scoping study revealed a lithium concentrate net present value (NPV) of US$127mln and lithium carbonate NPV of US$718mln last year.

Before finalising the deal, Cadence wanted to carry out its due diligence on Zulu but the recent elections in Zimbabwe have caused some “unexpected interruptions” so Premier has granted Cadence an extra 20 days to cast its eye over the project.

The due diligence period is now due to run until September 14.

Quick facts: Premier African Minerals Ltd

Price: 0.09 GBX

AIM:PREM
Market: AIM
Market Cap: £9.9 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Premier African Minerals Ltd named herein, including the promotion by the Company of Premier African Minerals Ltd in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Premier African CEO sees scope for greater stake in manganese mine project

Premier African Minerals Limited (LON:PREM) CEO George Roach speaks to Proactive London's Andrew Scott soon after announcing they've taken a 10% stake in a manganese mine MN Holdings following the conversion of a loan into shares. MN owns the Otjozondu mine in Namibia, which is currently...

1 week, 1 day ago

RNS

Price Monitoring Extension

12 hours, 43 minutes ago

Second Price Monitoring Extn

1 day, 12 hours ago

Price Monitoring Extension

1 day, 12 hours ago

Second Price Monitoring Extn

1 day, 15 hours ago

Price Monitoring Extension

1 day, 15 hours ago

Second Price Monitoring Extn

1 day, 17 hours ago

Price Monitoring Extension

1 day, 17 hours ago

Successful Fundraising

1 day, 19 hours ago

2 min read