Premier African Minerals Limited is pleased to announce a subscription today for 2,700,000,000 new ordinary shares to raise approximately £540,000 before expenses at an issue price of 0.02 pence per new ordinary share (“Issue Price”).
Following the announcement on 21 January 2025, it remains of fundamental importance that Premier continues to support all essential operational requirements at both Premier and Zulu Lithium and Tantalum Project (“Zulu”).
Premier remains actively engaged with its prepayment and offtake partner, whose reaffirmation of its intentions in relation to Zulu were announced on 20 January 2025, and Premier is looking to address in consultation with its prepayment and offtake partner any factors that might still cause uncertainty. The Company’s financial position remains as previously disclosed. Investors should note that this is an interim measure and does not fully address the Group’s short-term funding requirements.
George Roach, CEO, commented, “This subscription will provide working capital to both support essential operational requirements at Zulu and also allow an initial start to the infrastructure and other associated requirements for the installation of the additional float cells and assist in plant readiness for the limited test run that has been planned.
I would also like to take this opportunity to confirm that the planned management and board changes discussed in our previous announcements are expected to proceed and a further announcement in this regard will be made at the appropriate time.”
Subscription
Premier has today issued by way of a direct subscription (“Subscription”) with its broker, Shore Capital Stockbrokers Limited, conditional on admission, 2,700,000,000 new ordinary shares of nil par value (“Subscription Shares”) at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.
The Subscription has been arranged within the Company’s existing share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the essential consumables at Zulu’s camp and provide general working capital for Premier.
Admission
Application is being made for 2,700,000,000 Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 30 January 2025.
Total Voting Rights
Following the issue of the Subscription Shares, the Company’s issued share capital consists of 38,727,719,957 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.
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:
|
George Roach |
Premier African Minerals Limited |
Tel: +27 (0) 100 201 281 |
