Premier African Minerals Limited Zulu Lithium Drilling Programme Update (3605A)
May 28 2019 - 7:35AM
UK Regulatory
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
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London Stock Exchange. RNS is approved by the Financial Conduct
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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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