Premier African Minerals Limited Director's Loan Conversion (5079Z)

TIDMPREM

RNS Number : 5079Z

Premier African Minerals Limited

15 December 2017

15 December 2017

Premier African Minerals Limited

Director's Loan Conversion

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce the Company's Chairman and CEO, George Roach has today elected to convert US$100,000 of the US$300,000 ("Loan") he provided to the Company on 15 September 2015. The Loan is unsecured and accrues interest at a rate of LIBOR plus 3%. As of 6 December 2017, the Loan and accrued interest totalled US$315,096. The Loan can also be converted at any time into new ordinary shares at a price of 0.5p per new ordinary share (as further announced on 28 March 2017).

The Company has therefore issued 14,964,020 new ordinary shares to George Roach ("Conversion Shares") at an issue price of 0.5p. The Conversion Shares will, when issued, 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 22 December 2017.

On issue of the Conversion Shares, George Roach will therefore be interested directly and indirectly in aggregate in 476,751,154 ordinary shares representing 7.25 per cent of the enlarged issued share capital of the Company.

Securities In issue

Following the issue of these Conversion Shares and the Subscription Shares as announced previously, the Company's issued share capital consists of 6,572,936,370 ordinary shares, with voting rights. The Company does not hold any shares in treasury and 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         Tel: [phone] 
 Fuad Sillem                    Minerals Limited                  922074 
------------------------  ---------------------------  ----------------- 
 Michael Cornish                Beaumont Cornish            Tel: +44 (0) 
  / Roland Cornish                   Limited                20 7628 3396 
                               (Nominated Adviser) 
------------------------  ---------------------------  ----------------- 
 Jerry Keen/Edward         Shore Capital Stockbrokers       Tel: +44 (0) 
  Mansfield                          Limited                20 7408 4090 
------------------------  ---------------------------  ----------------- 
                              Beaufort Securities           Tel: +44 (0) 
 Jon Belliss                         Limited                20 7382 8300 
------------------------  ---------------------------  ----------------- 
 Charles Goodwin/Harriet        Yellow Jersey PR            Tel: +44 (0) 
  Jackson                            Limited               07544 275 882 
------------------------  ---------------------------  ----------------- 
 

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. 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. At present those shares are valued at US$10.2 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.5 million ounce inferred resource Akyanga gold deposit in the DRC.

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                      George Roach 
---  ------------------------  ---------------------------------- 
 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                       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            Ordinary shares of 0.5 pence 
       the financial             each in Premier African Minerals 
       instrument, type          Limited 
       of instrument             ISIN VGG7223M1005 
       Identification 
       code 
---  ------------------------  ---------------------------------- 
      Nature of the             Issue of Ordinary Shares 
       transaction 
---  ------------------------  ---------------------------------- 
      Price(s) and                Price(s)   Volumes(s) 
       volumes(s)                 ---------  ----------- 
                                   0.5p       14,964,020 
                                  ---------  ----------- 
---  ------------------------  ---------------------------------- 
 d)   Aggregated information    n/a 
---  ------------------------  ---------------------------------- 
 e)   Date of the transaction   15 December 2017 
---  ------------------------  ---------------------------------- 
 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

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December 15, 2017 06:00 ET (11:00 GMT)