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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% | 0.11 | 0.10 | 0.12 | 0.11 | 0.11 | 0.11 | 0 | 06:59:34 |
TIDMPREM
RNS Number : 8241J
Premier African Minerals Limited
18 August 2023
For immediate release
18 August 2023
Premier African Minerals Limited
Facility Update
Director / PDMR shareholding
Premier African Minerals Limited ("Premier" or the "Company"), announces that the Company has received total net proceeds of GBP1,708,532.51 from the sales of 370,000,000 Premier Ordinary Shares ("Share Sales") by George Roach ("Lender") at an average price 0.4513 pence per share ("Selling Price"), in accordance with the Loan Facility Agreement announced on 9 August 2023 ("Facility").
The Board and Lender have agreed that no further shares will be sold by the Lender under the Facility and that, upon settlement of the repayment of the existing amounts outstanding under the Facility by the issue of the new Premier Ordinary Shares, the Facility will be terminated with immediate effect.
Further details on the sales of Premier Ordinary Shares by George Roach are set out in the Appendix. Following the Share Sales, George Roach is now interested in 1,246,514,207 Premier Ordinary Shares representing 5.4 per cent. of the issued share capital of the Company. New Premier Ordinary Shares will be issued in due course to George Roach by the Company to repay the Facility in accordance with its terms at the Selling Price. George Roach as Lender also incurred GBP19,077.09 in broker and banking fees pursuant to the selling of the Share Sales which will be reimbursed through the issue of a further new Premier Ordinary Shares also at the Selling Price. A further announcement will be made in due course.
The total proceeds received under the terms of the Facility have been used for general working capital purposes and to meet the ongoing operational costs at the Zulu Lithium and Tantalum Project.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged the release of this announcement on behalf of the Company was Godfrey Manhambara.
Enquiries:
George Roach Premier African Minerals Tel: +27 (0) 100 Limited 201 281 Michael Cornish Beaumont Cornish Limited Tel: +44 (0) 20 / Roland Cornish (Nominated Adviser) 7628 3396 --------------------------- ----------------- Douglas Crippen CMC Markets UK Plc Tel: +44 (0) 20 3003 8632 --------------------------- ----------------- Toby Gibbs/Rachel Shore Capital Stockbrokers Tel: +44 (0) 20 Goldstein Limited 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 and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has a ccepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum.
In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
APPENDIX
Details of the person discharging managerial responsibilities 1 / person closely associated a) Name George Roach ------------------------------- ------------------------------------- Reason for the notification 2 ---------------------------------------------------------------------- a) Position/status Chief Executive ------------------------------- ------------------------------------- b) Initial notification Initial Notification /Amendment ------------------------------- ------------------------------------- Details of the issuer, emission allowance market participant, 3 auction platform, auctioneer or auction monitor ---------------------------------------------------------------------- a) Name Premier African Minerals Limited ------------------------------- ------------------------------------- b) LEI 213800WDKYXYJZE5DZ61 ------------------------------- ------------------------------------- Details of the transaction(s): section to be repeated 4 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 Ordinary shares of no-par value in financial instrument, Premier African Minerals Limited type of instrument Identification code ISIN: VGG7223M1005 b) Nature of the transaction Issue of Ordinary Shares ------------------------------- ------------------------------------- c) Price(s) and volume(s) No. Number of Shares Price 1 70,000,000 0.5228p 2 75,000,000 0.5236p 3 85,000,000 0.471176p 4 10,000,000 0.4325p 5 67,500,000 0.404p 6 12,500,000 0.4p 7 50,000,000 0.405p ----------------------------------- d) Aggregated information - Aggregated volume 370,000,0000 Ordinary Shares - Price 0.4513p e) Date of the transaction No. Date 1 06/07/2023 2 07/07/2023 3 10/07/2023 4 27/07/2023 5 28/07/2023 6 31/07/2023 7 02/08/2023 ------------------------------- ------------------------------------- f) Place of the transaction AIMX ------------------------------- -------------------------------------
Ends
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END
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August 18, 2023 10:23 ET (14:23 GMT)
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