Premier African Minerals Limited Placing and Funding of Zulu DFS Drill Programme (6518A)
June 03 2021 - 1:00AM
UK Regulatory
TIDMPREM
RNS Number : 6518A
Premier African Minerals Limited
03 June 2021
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
3 June 2021
Premier African Minerals Limited
Placing and Funding of Zulu DFS Drilling Programme
The Board of Premier African Minerals Limited ("Premier" or the
"Company") is pleased to announce a placing today to raise
GBP1,000,000 before expenses at an issue price of 0.16 pence per
new ordinary share for the ongoing Definitive Feasibility Study
("DFS") at the Company's Zulu Lithium project in Zimbabwe
("Zulu").
George Roach, CEO commented : "The detailed planning,
construction of the exploration camp, road repairs and location of
equipment to site, and other work associated with the resource
expansion and definition drilling for the DFS at Zulu is
progressing and to date has been funded from Premier's retained
cash resources. This placement is intended to ensure two definitive
objectives.
-- That there is no interruption to the work in progress at Zulu, and
-- Allow additional time to both enhance value through the DFS,
and comprehensively and without any pressure assess other options
available to fund the balance of the DFS.
It is worth noting that this placement today represents a
nominal dilution of approximately 3.5% and is a small price to pay
for retention of 100% of Zulu and the potential upside from the
Exclusive Prospecting Order.
I expect to report details of early drilling later this month
together with updates on RHA Tungsten Private Limited, MN Holding
Limited, Circum Minerals limited and other developments."
Placing
Premier has today issued by way of a placing ("Placing"),
conditional on admission, 625,000,000 new ordinary shares of nil
par value ("Placing Shares") at a Placing price of 0.16 pence per
Placing Share. The Placing Shares will, when issued, rank pari
passu in all respects with the existing ordinary shares. Monecor
(London) Ltd, trading as ETX Capital ("ETX Capital"), acted as the
Company's sole placing agent in respect of the Placing.
Application will be made for the Placing Shares to be admitted
to trading on AIM and admission is expected to take place on or
around 9 June 2021.
The Placing has been arranged within the Company's existing
share authorities. Premier intends to use the proceeds of the
Placing to assist with the funding of the ongoing drilling at Zulu
for the DFS and general working capital purposes necessary for the
Group.
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued
share capital consists of 18,418,009,831 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.
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:
Premier African Minerals Tel: +27 (0) 100
George Roach Limited 201 281
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
--------------------------- ---------------------
Matthew Bonner EAS Advisors LLC Tel: +1 646 495 2225
--------------------------- ---------------------
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,
encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset.
In addition, the Company holds a 19% interest in MN Holdings
Limited, the operator of the Otjozondu Manganese Mining Project in
Namibia.
END
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