Appointment of Joint Broker and placing

RNS Number : 2043R

Premier African Minerals Limited

27 February 2019

 

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

27 February 2019

Premier African Minerals Limited

Appointment of Joint Broker and placing

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a placing today to raise £400,000 before expenses at an issue price of 0.09 pence per new ordinary share.

Appointment of Joint Broker

Premier is also pleased to announce the appointment of SVS Securities plc as the Company's joint broker to work alongside its existing corporate broker, Shore Capital Stockbrokers Limited, with immediate effect.

Placing

Premier has today issued by way of a placing ("Placing"), conditional on admission, 444,444,444 new ordinary shares of nil par value ("Placing Shares") at a Placing price of 0.09 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. 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 7 March 2019. The Placing has been undertaken within the Company's existing share authorities. Premier intends to use the proceeds of the Placing to assist with the funding of the ongoing due diligence on the Honey Badger Resources Limited ("HBR") acquisition, deal costs for the HBR and KME Plant (Proprietary) Limited transaction as announced (see RNS dated 14 February 2019) and general working capital necessary for the Group.

George Roach, CEO of Premier, commented: "We have held off taking any placement to cover deal costs and some immediate working capital requirements until now. With renewed progress at RHA Tungsten, due diligence commencing on HBR and first benefits of the anticipated KME Plant Hire deal coming through with our "back -to-work" announcement yesterday in regard to the Zulu Lithium Project, I look forward to a period of refocus on value and the potential benefits of the anticipated acquisitions.

HBR in particular, with a compliant inferred mineral resource greater than 500,000 ounces, partial development including existing surface plant, upside resource potential and anticipated production toward the end of 2019, represents complementary potential early production in support of RHA. I do remind shareholders that we have reached general agreement on issues affecting the financing and return to production at RHA Tungsten with the Ministry of Industry, Commerce and Enterprise Development and we will announce further details as soon as the agreements are signed."

Total Voting Rights

Following the issue of the Placing Shares, the Company's issued share capital consists of 8,038,506,729 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.

Special note concerning the Market Abuse Regulation

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.

Enquiries:

Fuad Sillem	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Jerry Keen/Edward Mansfield	Shore Capital Stockbrokers Limited	Tel: [phone]
Tom Curran/Elliot Hance	SVS Securities Limited	Tel: [phone]

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, which has the potential to be a world class asset.

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified 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 reflect 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.

ENDS

 

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