Premier African Minerals Limited Offtake and Prepayment Agreement (8109B)
June 06 2023 - 5:03AM
UK Regulatory
TIDMPREM
RNS Number : 8109B
Premier African Minerals Limited
06 June 2023
6 June 2023
Premier African Minerals Limited
Offtake and Prepayment Agreement
Premier African Minerals Limited ("Premier" or the "Company"),
is pleased to provide an update on the Offtake and Prepayment
Agreement ("Agreement") entered into between Premier and Canmax
Technologies Co., Ltd., formerly known as Suzhou TA&A Ultra
Clean Technology Co. Ltd, ("Canmax").
In accordance with the terms of the Agreement entered into on 3
August 2022, Premier was required to supply product by 30 May 2023,
Canmax now have the right to terminate the Agreement by notice in
writing to Premier and Premier will need to enact repayment of the
prepayment amount plus interest in full within ninety (90) days of
such termination notice.
Premier has been accruing interest at 3.5% per annum (subject to
adjustment from time to time in accordance with loan prime rate as
published by the People's Bank of China) to Canmax in accordance
with the Agreement.
Canmax and Premier are in advanced discussions pertaining to an
addendum to the Agreement to allow for the following:
Ø Adjustment in the pricing mechanism whereby both parties
will equally share in the gross revenue from the sale
of Lithium Hydroxide produced from spodumene supplied
by Premier, after deduction of the production costs of
both parties.
Ø Further prepurchase of spodumene by Canmax from Zulu to
assist with ongoing operational costs associated with
the revised timelines and expected production figures
as announced on the 25 May 2023.
Canmax have confirmed that their intention is to continue to
support Premier and not to terminate the Agreement providing that
an addendum between the parties is entered into on or before 25
June 2023.
George Roach, CEO commented , "I am deeply appreciative for the
constructive discussion, further assistance, and confirmation of
our relationship with Canmax ".
Related Party Transaction
Canmax is interested in 13.14 per cent. of the Company's issue
share capital and is therefore a related party under the AIM Rules
and any addendum to the Agreement will be dealt with in accordance
with AIM Rule 13.
MAR (Market Abuse Regulation)
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 George Roach.
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
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John More/Toby Shore Capital Stockbrokers Tel: +44 (0) 20
Gibbs Limited 7408 4090
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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. A number of
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.
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.
Ends
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END
AGRUNRKROKUNRRR
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June 06, 2023 06:03 ET (10:03 GMT)
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