Premier African Minerals Limited announces that the proposed fundraising of £3.5 million through the issue of new Ordinary Shares by way of a placing and retail offer as announced on 16 January 2025 (together, “the Fundraising”) will not now proceed.
As previously announced, completion of each of the Placing and Retail Offer was inter-conditional upon, inter alia, the gross proceeds of the Fundraising, taken together with the value of liabilities that creditors agree to settle by accepting new shares (“Settlement Shares”), on the same terms as to price as the Placing, being not materially less than £3.5 million.
Following the accelerated bookbuild which was announced on 16 January 2025, the Company conditionally raised gross proceeds of £1.2 million through the Placing of 4,336,999,996 new Ordinary Shares at a price of 0.0275 pence (the “Issue Price”) per share. Shareholders applications under the Retail offer were insufficient at the Issue Price to raise the target amount, and the Board together with its Brokers has therefore determined not to proceed with the Placing and Retail Offer as currently structured.
The Board is considering a restructuring of the fundraising which might include a variation to the issue size along with alternative funding options and a further announcement will be made in due course. In the meantime, the Company has not issued any shares pursuant to the Fundraising. The Company’s financial position remains as previously disclosed.
Market Abuse Regulation
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.
A copy of this announcement is available at the Company’s website, www.premierafricanminerals.com
Enquiries:
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George Roach |
Premier African Minerals Limited |
Tel: +27 (0) 100 201 281 |
