Premier African Minerals Limited Director Loan Update (8540I)
August 09 2023 - 12:00PM
UK Regulatory
TIDMPREM
RNS Number : 8540I
Premier African Minerals Limited
09 August 2023
For immediate release
9 August 2023
Premier African Minerals Limited
Director Loan Update
On 20 July 2023 Premier African Minerals Limited ("Premier" or
the "Company") announced that the Company had entered into a loan
facility agreement with George Roach ("Lender") for up to GBP1.7
million ("Facility").
Premier and the Lender have today agreed to vary the Facility by
increasing the size of the Facility from GBP1.7 million to GBP2
million and to waive any interest on a repayment by Premier of the
Facility in cash ("Amended Facility"). Premier and the Lender have
further agreed that Premier will make one request of a draw-down
under the Amended Facility in the amount of GBP2 million.
As George Roach is a related party under the AIM Rules, the
Facility and the Amended Facility (together the "Loan") are related
party transactions for the purposes of AIM Rule 13. The independent
directors (being the Board other than George Roach) have been
consulted on the Loan. Accordingly, the independent directors,
having consulted with the Company's Nominated Adviser, consider
that the Facility and the Amended Facility are fair and reasonable
in so far as the Company's shareholders are concerned.
The Independent Directors have in particular noted that the Loan
is unsecured, there are no arrangement fees, and as previously
announced, the Company needs funding to meet its immediate working
capital needs. The Independent Directors have noted furthermore
that with the waiver of interest under the Amended Facility, there
is no direct monetary benefit to the Lender under the Loan.
As previously announced, the Loan will be used for otherwise
unfunded general working capital purposes including ongoing
operational expenses at Zulu pending the completion of the remedial
work on the plant and the commencement of commercial
production.
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 Godfrey Manhambara.
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
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Douglas Crippen CMC Markets UK Plc Tel: +44 (0) 20
3003 8632
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Toby Gibbs/Rachel Shore Capital Stockbrokers Tel: +44 (0) 20
Goldstein Limited 7408 4090
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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
MSCUKONROKUWRAR
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