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Share Name Share Symbol Market Type Share ISIN Share Description
Premier African Minerals Limited LSE:PREM London Ordinary Share VGG7223M1005 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0015 -2.97% 0.049 0.048 0.05 0.0528 0.048 0.0505 232,313,192 14:41:52
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.1 -6.1 -0.1 - 9

Premier African Minerals Limited Final Conversion of Investment Agreement

02/10/2020 6:00pm

UK Regulatory (RNS & others)


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RNS Number : 0155B

Premier African Minerals Limited

02 October 2020

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

For immediate release

2 October 2020

Premier African Minerals Limited

Final Conversion of Investment Agreement

The Board of Premier African Minerals Limited ("Premier" or the "Company") announces that D-Beta One EQ, Ltd, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited, collectively referred to as the ("Investors") have elected to convert the remaining balance of US$65,000 of the investment plus accrued interest of US$249.32, amounting to US$65,249.32 (GBP50,711.77) in aggregate, in accordance with the terms of the Investment Agreement as announced on 7 May 2020 into new ordinary shares in the Company.

George Roach, CEO commented , "This is the last of the convertible loan notes related to this investment and this debt is now cleared. I add that whilst the potential benefits of convertible debt are clear, Premier has not had any upside in our share price from this investment and we intend now to focus on alternative funding options.

As set out in our recently released financial statements, our focus and objectives are

   --    To continue to engage directly with MNH; 
   --    Look to acquire potentially cash generative assets; 

-- Resolve the status in Zimbabwe, either that the EPO is granted and RHA equity and funding is resolved or seek a disposition of these assets;

   --    Identify and secure high value exploration targets in other jurisdiction. 

I look forward to updating on these objectives in the near future."

The Company has therefore issued today 120,915,045 new ordinary shares to the Investors ("Investors Shares") at an issue price of 0.04194 pence per Investors Share, the issue price being 90 per cent. of the lowest daily volume weighted average price during the five days trading days immediately prior to the repayment. The Investors Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for the Investors Shares to be admitted to trading on AIM and admission is expected to take place on or around 8 October 2020.

Total Voting Rights

Following the issue of the Payment Shares, the Company's issued share capital consists 13,542,866,360 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: +27 (0) 100 201 281 
 Michael Cornish / Roland Cornish        Beaumont Cornish Limited        Tel: +44 (0) 20 7628 3396 
                                            (Nominated Adviser) 
                                   -----------------------------------  -------------------------- 
 Jerry Keen/Edward Mansfield        Shore Capital Stockbrokers Limited   Tel: +44 (0) 20 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, 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.

ENDS

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END

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October 02, 2020 13:00 ET (17:00 GMT)

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