The Board of Premier African Minerals Limited (“Premier” or the “Company”) is pleased to announce a subscription today to raise £600,000 before expenses at an issue price of 0.0125 pence per new ordinary share (“Issue Price”) primarily for the Zulu Lithium and Tantalum Project (“Zulu”).
In addition, the Company has settled US$0.3 million (equivalent to £0.23 million) of contractor’s invoices of Zulu through the issue of 1,840,000,000 new ordinary shares in the Company at the Issue Price.
Following the announcement on 6 March 2025, it remains of fundamental importance that Premier continues to support all essential operational requirements at both Premier and Zulu while Premier is actively seeking to secure a fully funded solution for Zulu and continues engaging with both existing stakeholders and new potential investors, with a particular focus on Zulu’s prepayment and offtake partner with whom detailed discussions continue.
Subscription and Contractor Settlement
Premier has today issued by way of a direct subscription (“Subscription”), conditional on admission, 4,800,000,000 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. CMC Markets UK Plc trading as CMC CapX, acted as the Company’s placing agent in respect of the placing.
The Company has today also settled payment of US$0.3 million (equivalent to £0.23 million) in invoices through the issue of 1,840,000,000 new ordinary shares of the Company at the Issue Price (“Settlement Shares”).
Any sales of the Settlement Shares will be handled by Premier’s brokers under orderly market conditions.
The Subscription and Settlement Shares, which in aggregate amount to 6,640,000,000 new ordinary shares (the “New Shares“), 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 the New Shares, to be admitted to trading on AIM and admission is expected to take place on or around 13 March 2025.
Total Voting Rights
Following the issue of the New Shares, the Company’s issued share capital consists of 46,467,629,048 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.
Market Abuse Regulations
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 (“UK MAR”).
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 |
