Conversion of Director's Loan

RNS Number : 9497G

Premier African Minerals Limited

09 November 2018

 

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

For immediate release

9 November 2018

Premier African Minerals Limited

Conversion of Director's Loan  

Premier African Minerals Limited ("Premier" or the "Company") announced earlier today that the Board had agreed to amend the terms of the existing loan agreement ("Loan") entered into with a company owned by a Trust of which George Roach is a beneficiary ("Lender"), by granting conversion rights with respect to the entire Loan amount in return for cancellation of the Loan's security over the Company's shareholding of 6,128,822 shares in ARC Minerals Limited. The Company agreed that the Loan can be converted into new ordinary shares at any time on or before the maturity date (30 November 2018) at the lesser of the Volume Weight Average Price for the five trading days immediately prior to the date of conversion or the closing price of the Premier's shares on the day preceding this morning's announcement (being 0.16p).

The Company has now today received a conversion notice from the Lenders to convert the entire principal amount due under the Loan of US$300,000. The Company has therefore issued 142,045,455 new ordinary shares ("Conversion Shares") at an issue price of 0.16p per Conversion Share. 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 16 November 2018. 

On issue of the Conversion Shares, George Roach will therefore be interested directly and indirectly in aggregate in 618,796,609 ordinary shares representing 8.4 per cent. of the enlarged issued share capital of the Company.

Securities In issue   

Following the issue of these Conversion Shares as announced previously, the Company's issued share capital consists of 7,381,648,492 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]
Jonathan Evans	Brandon Hill Capital 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. Premier also has an interest in Arc Minerals that has a number of mineral assets in Europe and Africa.

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

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 no par value in Premier African Minerals Limited ISIN VGG7223M1005
	Nature of the transaction	Issue of Ordinary Shares
	Price(s) and volumes(s)	Price(s) Volumes(s) 0.16p   142,045,455
d)	Aggregated information	n/a
e)	Date of the transaction	09 November 2018
f)	Place of the transaction	London Stock Exchange, AIM (XLON)

 

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