Grant of Options

RNS Number : 3648N

Premier African Minerals Limited

31 May 2022

 

31 May 2022

Premier African Minerals Limited

("Premier" or the "Company")

Grant of Options  

Premier African Minerals Limited (AIM: PREM), announces that, on 31 May 2022 options for 1,127,500,000 ordinary shares of no-par value in the Company were awarded to both directors and management ("Options"). Options for up to 317,500,000 ordinary shares of no-par value in the Company (the "Director Options") were awarded to Directors. In addition, the Company has also issued a further 810,000,000 options to a non-board members and management on similar terms ("Management Options").

In aggregate, the award of new Director Options to the Directors represents approximately 1.42 per cent. of the Company's current issued share capital and is therefore not being treated as a Related Party Transaction under AIM Rule 13.

Further details of the Options awards are set out below:

Director	New options awarded	Exercise price	First exercise date	Expiry date
George Roach	65,000,000	Nil Cost	The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project.	31 May 2032
	65,000,000	0.4p	1 December 2023	31 May 2032
	65,000,000	0.5p	31 May 2024	31 May 2032
	65,000,000	0.5p	1 December 2024	31 May 2032
Godfrey Manhambara	40,000,000	Nil Cost	The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project.	31 May 2032
Wolfgang Hampel	17,500,000	Nil Cost	The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project.	19 January 2027
Note: Further details are set out in the Appendix.

Option Schedule

122,500,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in the Company at a nil cost on the sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project.

65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from1 December 2023 at a price 0.4p.

65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from 31 May 2024 at a price 0.5p.

65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from 1 December 2024 at a price 0.5p.

The Director Options and the Management Options will, unless otherwise exercised, all expire on 31 May 2032.

Following this issue of Options, the Company has a total of 1,251,950,860 ordinary shares under option, equivalent to approximately 5.03 per cent of the Company's current issued ordinary share capital.

Enquiries

George Roach	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
John More/Toby Gibbs	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 and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has accepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8 per cent interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.

In addition, the Company holds a 19 per cent interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

APPENDIX

1	Details ofthepersondischargingmanagerialresponsibilities/personclosely associated
a)	Name	George Roach
2	Reason for notification
a)	Position / status	Director
b)	I nitial 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	Not applicable
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 I d e ntification code	Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1005
	Nature of the transaction	Issue of options over Ordinary Shares
	Price(s) and volumes(s)	Price(s) Volumes(s) Nil Cost 65,000,000 £0.004 65,000,000 £0.005 65,000,000 £0.005 65,000,000
d)	Aggregated information	n/a
e)	Date of the transaction	31 May 2022
f)	Place of the transaction	Outside a trading venue

1	Details ofthepersondischargingmanagerialresponsibilities/personclosely associated
a)	Name	Godfrey Manhambara
2	Reason for notification
a)	Position / status	Director
b)	I nitial 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	Not applicable
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 I d e ntification code	Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1005
	Nature of the transaction	Issue of options over Ordinary Shares
	Price(s) and volumes(s)	Price(s) Volumes(s) Nil Cost 40,000,000
d)	Aggregated information	n/a
e)	Date of the transaction	31 May 2022
f)	Place of the transaction	Outside a trading venue

1	Details ofthepersondischargingmanagerialresponsibilities/personclosely associated
a)	Name	Wolfgang Hampel
2	Reason for notification
a)	Position / status	Director
b)	I nitial 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	Not applicable
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 I d e ntification code	Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1005
	Nature of the transaction	Issue of options over Ordinary Shares
	Price(s) and volumes(s)	Price(s) Volumes(s) Nil Cost 17,500,000
d)	Aggregated information	n/a
e)	Date of the transaction	31 May 2022
f)	Place of the transaction	Outside a trading venue

ENDS

 

END

 

 

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