Premier African Minerals Limited (“Premier” or the “Company”) is pleased to announce a subscription today to raise £1.575 million before expenses at an issue price of 0.035 pence per new ordinary share (“Issue Price”) primarily for the Zulu Lithium and Tantalum Project (“Zulu”).
Following the announcement on 24 April 2025, Premier considers that it is essential to complete the commissioning and optimisation of both the Primary Flotation Plant and Secondary Flotation Plant at Zulu to ensure that the Zulu plant is able to achieve the required grade and tonnage to reach a binding agreement for the future development of Zulu.
George Roach, CEO, commented, “The recently announced amendment to the Offtake and Prepayment agreement with Canmax, the provision of a non-binding letter of interest and the alleviation of the concerns related to the long stop date all help a restoration of confidence in Premier, and this should help support us through the next three months whilst we complete the spodumene float section at Zulu”.
Subscription
Premier has today issued by way of a direct subscription (“Subscription”), conditional on admission, 4,500,000,000 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 Subscription Shares amount to 4,500,000,000 new ordinary shares which has been arranged within the Company’s remaining share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the payment of the secondary flotation plant, commencement of civil works for the secondary plant, the management of essential creditors at Zulu and provide general working capital for Premier.
There has been no material change to the Company’s financial position since the announcement on 6 March 2025 and following this Subscription, the Company will continue to require future funding in particular to ensure that the Zulu plant is able to achieve the required grade and tonnage to reach a binding agreement for the future development, meet operating costs of Zulu and settle creditors.
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 1 May 2025.
Total Voting Rights
Following the issue of the New Shares, the Company’s issued share capital consists of 50,967,629,048 Ordinary Shares, with voting rights and the Company has now utilised all share authorities approved at the meeting of shareholders held on the 23 December 2024.
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:
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George Roach |
Premier African Minerals Limited |
Tel: +27 (0) 100 201 281 |
