TIDMPREM
RNS Number : 3353S
Premier African Minerals Limited
02 October 2017
For immediate release
2 October 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
Premier African Minerals Limited
("Premier" or the "Company")
Successful Fundraising of GBP3.5 Million via PrimaryBid
Repayment of Loan Note and Repurchase of Swap Agreement
Shares
Premier African Minerals Limited (AIM: PREM), AIM-traded
multi-commodity mining and resource development company focused on
Southern and Western Africa, announced on 29 September 2017 an
underwritten offer to raise approximately GBP3.5 million (before
expenses) at 0.3p per new Ordinary Share (the "Offer"). The Offer
was made exclusively available through PrimaryBid.com.
The Offer received a strong response from private as well as
institutional investors. The Offer was on a "first come, first
served" basis and was closed at 5:00 p.m. on Sunday 1 October 2017.
The Company has raised gross proceeds of GBP3,500,000 through the
Offer.
The Company will issue and allot an additional 654,761,906 new
Ordinary Shares at 0.3p each over and above the shares already
issued in regard to the swap agreement. The shares already issued
in regard to the swap agreement will be repurchased by the Company
and re-issued to subscribers under the Offer. The new Ordinary
Shares will rank pari passu with the Company's existing Ordinary
Shares and application will be made for the new Ordinary Shares to
be admitted to trading on AIM and admission is expected to take
place on or around 6 October 2017.
Total Voting Rights
Following the issue of the new Ordinary Shares, the Company will
have 6,248,216,350 Ordinary Shares in issue. This figure may be
used by the Company's shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Rules
and Transparency Rules.
George Roach, Chief Executive Officer of Premier, commented:
"The primary purpose of this placement was to settle the
existing loan note and repurchase the shares issued under the swap
agreement, and I am pleased to report that will be settled
immediately. Underground development is fully funded and our team
at RHA is confident that the minimum required tonnage at grade will
be delivered to the plant during the latter part of Q4 to assure
profitable operations. No further capital raise is anticipated or
expected for RHA."
Enquiries
Fuad Sillem Premier African Minerals Tel: +44 (0)7734
Limited 922074
------------------ --------------------------- -----------------
Michael Cornish Beaumont Cornish Tel: +44 (0)20
/ Roland Cornish Limited 7628 3396
(Nominated Adviser)
------------------ --------------------------- -----------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0)20
Mansfield Limited 7408 4090
------------------ --------------------------- -----------------
Jon Belliss Beaufort Securities Tel: +44 (0)20
Limited 7382 8300
------------------ --------------------------- -----------------
Charles Goodwin/ Yellow Jersey PR Tel: +44 (0)7747
Harriet Jackson Limited 788221
------------------ --------------------------- -----------------
Dave Mutton PrimaryBid Limited Tel: +44 (0)20
7491 6519
------------------ --------------------------- -----------------
Beaumont Cornish Limited is acting solely as the Company's
Nominated Adviser for the purposes of the AIM Rules and no one else
and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients or for providing
advice in relation to the matters referred to in this announcement
and is not acting in respect of the Offer nor providing any advice
in relation thereto.
Forward-looking Statement
All statements in this announcement other than statements of
historical fact are, or may be deemed to be, "forward-looking
statements". In some cases, these forward-looking statements may be
identified by the use of forward-looking terminology, including the
terms "targets", "believes", "estimates", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their
negative or other variations or comparable terminology. They appear
in a number of places throughout the announcement and include
statements regarding the intentions, beliefs or current
expectations of the Company and/or Directors concerning, among
other things, the trading performance, results of operations,
financial condition, liquidity, prospects and dividend policy of
the Company. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual performance, result of
operations, financial condition, liquidity and dividend policy may
differ materially from the impression created by the
forward-looking statements contained in this announcement. In
addition, even if the performance, results of statements contained
in this announcement, those results or developments may not be
indicative of results or developments in subsequent periods.
Important factors that may cause these differences include, but are
not limited to, changes in economic conditions generally; changes
in interest rates and currency fluctuations; impairments in the
value of the Company's assets; legislative/regulatory changes;
changes in taxation regimes; the availability and cost of capital
for future expenditure; the availability of suitable financing; the
ability of the Group to retain and attract suitably experienced
personnel and competition within the industry. Prospective
investors should specifically consider the factors identified in
this announcement which could cause actual results to differ before
making an investment decision.
This announcement has been issued by, and is the sole
responsibility, of the Company. No representation or warranty
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by
Beaumont Cornish Limited or by any of its respective affiliates or
agents as to or in relation to, the accuracy or completeness of
this announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers, and any liability therefore is expressly disclaimed.
Notes to Editors
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused in Southern and Western Africa with production started at
its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, gold, lithium and tantalum in
Zimbabwe and Benin, encompassing brownfield projects with near-term
production potential to grass-roots exploration. In addition, the
Company holds 5,010,333 million shares in Circum, the owner of the
Danakil Potash Project in Ethiopia, which has the potential to be a
world class asset. At present those shares are valued at US$10.2
million based on the latest price at which Circum has accepted
subscriptions. Premier also has an interest in Casa Mining Limited,
a privately-owned exploration company that has a 71.25 per cent
interest in the 1.5 million ounce inferred resource Akyanga gold
deposit in the DRC.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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