Premier African Minerals Limited Conversion of Loan (5435U)
July 30 2020 - 2:00AM
UK Regulatory
TIDMPREM
RNS Number : 5435U
Premier African Minerals Limited
30 July 2020
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
30 July 2020
Premier African Minerals Limited
Conversion of loan
The Board of Premier African Minerals Limited ("Premier" or the
"Company") is pleased to announce the full conversion of the loan
instrument entered into with a company owned by a trust of which
George Roach is a beneficiary as announced on 9 April 2020, into
new ordinary shares in the Company in accordance with the terms of
the loan agreement.
The loan, plus accrued interest, amounts to US$206,027
(GBP159,131.07) and the Company has therefore issued today
232,647,763 new ordinary shares to the Trust ("Conversion Shares"),
representing approximately 1.9 per cent. of the current issued
share capital of the Company, at an issue price of 0.0684p per
Conversion Share. The issue price is equivalent to 90 per cent. of
the daily volume weighted average price during the five days
trading days immediately prior to the conversion. The Conversion
Shares will rank pari passu in all respects with the existing
ordinary shares.
Application will be made for the Conversion Shares to be
admitted to trading on AIM and admission is expected to take place
on or around 15 August 2020.
On admission of the Conversion Shares, the Trust will be
interested in a total of 347,455,736 ordinary shares representing
2.7 per cent. of the enlarged issued share capital of the Company.
Accordingly, George Roach will be interested directly and
indirectly in an aggregate of 837,132,385 ordinary shares,
representing approximately 6.5 per cent. of the enlarged issued
share capital of the Company.
Immediately on the issue of the Conversion Shares, the security
held by the Trust over 200,000 shares of Circum Minerals Limited
will be terminated.
Total Voting Rights
Following the issue of the Conversion Shares, the Company's
issued share capital consists of 12,794,204,879 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.
Enquiries:
George Roach Premier African Minerals Limited Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
----------------------------------- --------------------------
Jerry Keen/Edward Mansfield Shore Capital Stockbrokers Limited Tel: +44 (0) 20 7408 4090
----------------------------------- --------------------------
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused on Southern Africa with its RHA Tungsten and Zulu Lithium
projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, lithium and tantalum in Zimbabwe,
encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset.
In addition, the Company holds a 19% interest in MN Holdings
Limited, the operator of the Otjozondu Manganese Mining Project in
Namibia.
The information below, set out in accordance with the
requirements of the EU Market Abuse Regulation, provides further
detail.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Coc'roach Limited, a trust of which George
Roach is a beneficiary
--------------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Chief Executive
--------------------------- ---------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Premier African Minerals Limited
--------------------------- ---------------------------------------------
b) LEI 213800WDKYXYJZE5DZ61
--------------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------
a) Description of the Ordinary shares of no-par value in Premier
financial instrument, African Minerals Limited
type of instrument
Identification code ISIN: VGG7223M1005
b) Nature of the transaction Issue of Ordinary Shares
--------------------------- ---------------------------------------------
c) Price(s) and volume(s) Director Price Volume(s)
------------- ---------- -----------
George Roach 0.00684 p 232,647,763
-------------------------------------------
d) Aggregated information
- Aggregated volume 232,647,763 Ordinary Shares
- Price 0.0684p
e) Date of the transaction 29 July 2019
--------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- ---------------------------------------------
ENDS
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGZGFNMGRGGZG
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