Conversion of Investment Agreement

RNS Number : 8314V

Premier African Minerals Limited

11 August 2020

 

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

For immediate release

11 August 2020

Premier African Minerals Limited

Conversion of Investment Agreement

The Board of Premier African Minerals Limited ("Premier" or the "Company") announces that D-Beta One EQ, Ltd, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited, collectively referred to as the ("Investors") elected on 11 August 2020 to convert a further US$50,000 of the investment plus accrued interest of US$1,183.56, amounting to US$51,183.56 (£39,165.66) in aggregate, in accordance with the terms of the Investment Agreement as announced on 7 May 2020 into new ordinary shares in the Company.

The Company has therefore issued today 64,470,222 new ordinary shares to the Investors ("Investors Shares") at an issue price of 0.06075p per Investors Share, the issue price being 90 per cent. of the lowest daily volume weighted average price during the five days trading days immediately prior to the repayment. The Investors Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for the Investors Shares to be admitted to trading on AIM and admission is expected to take place on or around 18 August 2020.

Total Voting Rights

Following the issue of the Payment Shares, the Company's issued share capital consists of 12,858,675,101 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:

George Roach	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]

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.

ENDS

 

END

 

 

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