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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 | -0.79% | 0.1875 | 0.185 | 0.19 | 0.195 | 0.1875 | 0.19 | 83,918,930 | 11:00:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Minrls,earths-ground,treated | 0 | -5.36M | -0.0002 | -9.50 | 43.39M |
TIDMPREM
RNS Number : 3605A
Premier African Minerals Limited
28 May 2019
For immediate release
28 May 2019
Premier African Minerals Limited
Zulu Lithium Drilling Programme Update
Cancellation of KME Payment Shares
Following the announcement dated 15 May 2019, Premier African Minerals Limited ("Premier" or the "Company") reports that it has been unable to conclude a revised pricing structure for the long form drilling contract that was commercially acceptable to both Premier and KME Plant Hire Proprietary Limited ("KME") that fairly reflected the revised relationship for the next phase of drilling activities at Premier's wholly-owned Zulu Lithium Project ("Zulu") in Zimbabwe. The proposed drilling programme with KME will not therefore now proceed and discussions with KME have been terminated. The Company will now urgently reopen previous discussions held with the previous drilling contractor to look to recommence drilling activities at Zulu as Premier believes their familiarity with Zulu should expedite the engagement process.
As previously announced, the Company had issued, within the Company's existing share authorities, 212,413,793 new Ordinary Shares of nil par value at an issue price of 0.145p per share ("KME Payment Shares") to KME as pre-payment for mobilisation and drilling and the KME Payment Shares were admitted to trading on AIM on 4 March 2019. The KME Payment Shares, while issued had not been released by Premier to the control of KME, pending execution of the long form drilling contract. As the long form drilling contract with KME will not now proceed, Premier has cancelled the 212,413,793 KME Payment Shares and application will be made to AIM for the cancellation of the KME Payment Shares from trading on AIM, which is expected to occur on or about 4 June 2019 .
Total Voting Rights
Following the cancellation of the KME Payment Shares, the Company's issued share capital consists of 7,828,124,187 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:
Premier African Minerals Tel: +44 (0)7734 Fuad Sillem Limited 922074 Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628 Roland Cornish (Nominated Adviser) 3396 --------------------------- --------------------- Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408 Mansfield Limited 4090 --------------------------- --------------------- Tom Curran/Elliot Tel: +44 (0) 20 3700 Hance SVS Securities Limited 0100 --------------------------- ---------------------
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe" "could" "should" "envisage" "estimate" "intend" "may" "plan" "will" or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.
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 and Zulu 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. In addition, the Company holds 5,010,333 shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia.
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
May 28, 2019 08:35 ET (12:35 GMT)
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