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Name | Symbol | Market | Type |
---|---|---|---|
Premier African Minerals Limited | AQSE:PREM.GB | Aquis Stock Exchange | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.195 | 0.18 | 0.21 | 0.195 | 0.195 | 0.195 | 0 | 06:55:37 |
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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(END) Dow Jones Newswires
December 21, 2016 10:28 ET (15:28 GMT)
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