Placing and Funding of Ongoing Zulu DFS

RNS Number : 8198I

Premier African Minerals Limited

17 August 2021

 

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

For immediate release

17 August 2021

Premier African Minerals Limited

Placing and Funding of Ongoing Zulu DFS Programme

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a placing today to raise £1,000,000 before expenses at an issue price of 0.2 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: "Now that we are properly established on site with an expanding base camp, the first two rigs operating, plans for a third rig and the general work on the DFS underway, it is also time to direct more effort and resource into the rest of the Exclusive Prospecting Order ("EPO") of some 205 square kilometres.

Our exploration teams are appointed, airborne geophysics and other remote sensing has been commissioned and we have high expectations for both additional Lithium, Caesium and Tantalum pegmatite discovery and other potential in respect of the Fort Rixon greenstone belt that intrudes into parts of the EPO area.

The EPO area includes known gold mineralisation and historic reports of producing gold mines. Premier's portfolio of exploration assets and our interest in the producing manganese operations at Otjozondu in Namibia, are representative of an "in demand" basket of industrial minerals and with improving economics and elevated demand, Premier is well positioned to ride this wave of interest in our Lithium, Tungsten, Manganese, Rare Earths, gold and fluorspar deposits and exploration projects."

Placing

Premier has today issued by way of a placing ("Placing"), conditional on admission, 500,000,000 new ordinary shares of nil par value ("Placing Shares") at a Placing price of 0.2 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 23 August 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 further funding of the ongoing works associated at the DFS at Zulu, the exploration of the EPO area surrounding Zulu 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 18,918,009,831 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.

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. A number of 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.

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:

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]
Matthew Bonner	EAS Advisors LLC	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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