Director's Loan Conversion

RNS Number : 5079Z

Premier African Minerals Limited

15 December 2017

 

15 December 2017

Premier African Minerals Limited

Director's Loan Conversion  

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce the Company's Chairman and CEO, George Roach has today elected to convert US$100,000 of the US$300,000 ("Loan") he provided to the Company on 15 September 2015.  The Loan is unsecured and accrues interest at a rate of LIBOR plus 3%. As of 6 December 2017, the Loan and accrued interest totalled US$315,096. The Loan can also be converted at any time into new ordinary shares at a price of 0.5p per new ordinary share (as further announced on 28 March 2017).

The Company has therefore issued 14,964,020 new ordinary shares to George Roach ("Conversion Shares") at an issue price of 0.5p. The Conversion Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application will be made for the Conversion Shares to be admitted to trading on AIM and admission is expected to take place on or around 22 December 2017. 

On issue of the Conversion Shares, George Roach will therefore be interested directly and indirectly in aggregate in 476,751,154 ordinary shares representing 7.25 per cent of the enlarged issued share capital of the Company.

Securities In issue   

Following the issue of these Conversion Shares and the Subscription Shares as announced previously, the Company's issued share capital consists of 6,572,936,370 ordinary shares, with voting rights. The Company does not hold any shares in treasury and 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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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]
Jon Belliss	Beaufort Securities Limited	Tel: [phone]
Charles Goodwin/Harriet Jackson	Yellow Jersey PR Limited	Tel: [phone]

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 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. 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% interest in the 1.5 million ounce inferred resource Akyanga gold deposit in the DRC.

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

1	Details of the person discharging managerial responsibilities / person  closely associated
a)	Name	George Roach
2	Reason for notification
a)	Position / status	Director
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Premier African Minerals Limited
b)	LEI	213800WDKYXYJZE5DZ61
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 0.5 pence each in Premier African Minerals Limited ISIN VGG7223M1005
	Nature of the transaction	Issue of Ordinary Shares
	Price(s) and volumes(s)	Price(s) Volumes(s) 0.5p   14,964,020
d)	Aggregated information	n/a
e)	Date of the transaction	15 December 2017
f)	Place of the transaction	London Stock Exchange, AIM (XLON)

ENDS

 

END

 

 

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