Premier African Minerals Limited (AIM: PREM), provides a further update on the Restated and Amended Offtake and Prepayment Agreement (“Agreement”) entered into between Premier and Canmax Technologies Co., Ltd. (“Canmax”) as announced on 15 August 2023 for spodumene concentrate produced at Zulu Lithium and Tantalum Project (“Zulu”).
George Roach, CEO commented: “Premier is pleased that Canmax has elected to carry forward the monthly payments in respect of the non-delivery of product in the months of November and December 2023. The effect of this is that the monthly payment contemplated is rolled forward and clear indication that Canmax requires delivery of Spodumene concentrate as soon as possible.
Premier is deeply appreciative for the understanding and assistance Canmax has provided. And we remain committed to production in late February provided only that all commitments made by contractors are met.”
Restated and Amended Offtake and Prepayment Agreement
Premier has received a notice of election under the Agreement from Canmax following Premier’s failure to deliver at least 1,000 tonnes of product per month for the months of November 2023 and December 2023 (“Notice”) to have the current outstanding balance owed to Canmax of US$3 million (US$1.5 million per month) of the monthly payment carried forward.
In accordance with the Agreement, the interest rate for the outstanding balance of the prepayment amount will be increased to 12% per annum with effect from the 1 December 2023.
Further details of the Agreement, including Canmax possible remedies under the Agreement are detailed in the announcement on the 15 August 2023 on the Company webpage:
https://polaris.brighterir.com/public/premier_african_minerals/news/rns/story/xje3pgr.
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
