Premier African Minerals Limited Conversion of Loan (5435U)

TIDMPREM

RNS Number : 5435U

Premier African Minerals Limited

30 July 2020

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

For immediate release

30 July 2020

Premier African Minerals Limited

Conversion of loan

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce the full conversion of the loan instrument entered into with a company owned by a trust of which George Roach is a beneficiary as announced on 9 April 2020, into new ordinary shares in the Company in accordance with the terms of the loan agreement.

The loan, plus accrued interest, amounts to US$206,027 (GBP159,131.07) and the Company has therefore issued today 232,647,763 new ordinary shares to the Trust ("Conversion Shares"), representing approximately 1.9 per cent. of the current issued share capital of the Company, at an issue price of 0.0684p per Conversion Share. The issue price is equivalent to 90 per cent. of the daily volume weighted average price during the five days trading days immediately prior to the conversion. The Conversion Shares will 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 15 August 2020.

On admission of the Conversion Shares, the Trust will be interested in a total of 347,455,736 ordinary shares representing 2.7 per cent. of the enlarged issued share capital of the Company. Accordingly, George Roach will be interested directly and indirectly in an aggregate of 837,132,385 ordinary shares, representing approximately 6.5 per cent. of the enlarged issued share capital of the Company.

Immediately on the issue of the Conversion Shares, the security held by the Trust over 200,000 shares of Circum Minerals Limited will be terminated.

Total Voting Rights

Following the issue of the Conversion Shares, the Company's issued share capital consists of 12,794,204,879 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.

Enquiries:

 
 George Roach                        Premier African Minerals Limited     Tel: [phone] 
 Michael Cornish / Roland Cornish        Beaumont Cornish Limited        Tel: [phone] 
                                            (Nominated Adviser) 
                                   -----------------------------------  -------------------------- 
 Jerry Keen/Edward Mansfield        Shore Capital Stockbrokers Limited   Tel: [phone] 
                                   -----------------------------------  -------------------------- 
 

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, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.

In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

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                         Coc'roach Limited, a trust of which George 
                                     Roach is a beneficiary 
      ---------------------------  --------------------------------------------- 
 2     Reason for the notification 
      -------------------------------------------------------------------------- 
 a)    Position/status              Chief Executive 
      ---------------------------  --------------------------------------------- 
 b)    Initial notification         Initial Notification 
        /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 the           Ordinary shares of no-par value in Premier 
        financial instrument,        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)       Director         Price       Volume(s) 
                                     -------------  ----------  ----------- 
                                     George Roach    0.00684 p  232,647,763 
                                   ------------------------------------------- 
 
 d)    Aggregated information 
 
       - Aggregated volume          232,647,763 Ordinary Shares 
 
  - Price                           0.0684p 
 
 e)    Date of the transaction      29 July 2019 
      ---------------------------  --------------------------------------------- 
 f)    Place of the transaction     Outside a trading venue 
      ---------------------------  --------------------------------------------- 
 

ENDS

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July 30, 2020 02:00 ET (06:00 GMT)