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Successful Fundraising via PrimaryBid

Released 07:00 21-Nov-2017

RNS Number : 0716X
Premier African Minerals Limited
21 November 2017
 

 

For immediate release

21 November 2017

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

 

Premier African Minerals Limited

 ("Premier" or the "Company")

Successful Fundraising via PrimaryBid to Advance the Zulu Lithium Project

 

Premier African Minerals Limited (AIM: PREM), AIM-traded multi-commodity mining and resource development company focused on Southern and Western Africa, announced on 20 November 2017 an underwritten offer to raise approximately £0.5 million (before expenses) at 0.4p per new Ordinary Share (the "Offer"). The Offer was made exclusively available through PrimaryBid.com.

 

The Offer received a very strong response from private as well as institutional investors and was oversubscribed. The Offer was on a "first come, first served" basis and was closed early at 7.02pm on 20 November 2017 once a total of £1,008,125 was surpassed. The Company is delighted to announce that following excess demand, the aggregate subscription amount of the Offer has been increased. The Company has raised gross proceeds of £ 1,008,125 through the Offer.

 

The Company will issue and allot 252,031,250 new Ordinary Shares at 0.4p pursuant to the Offer. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and application will be made for the new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 27 November 2017.

 

Total Voting Rights

Following the issue of the new Ordinary Shares, the Company will have 6,500,247,600 Ordinary Shares in issue. This figure may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.

 

George Roach, Chief Executive Officer of Premier, commented:

 

"Premier will continue to advance the Zulu Project whilst negotiating the best development strategy for the project.

 

The support we have received today will allow the Company to proceed with further development of Zulu that has the potential to add significant value.

 

Our mining and exploration activities continue as usual in Zimbabwe, and we look forward to building on the strong relationships developed in Zimbabwe. I am pleased that we continue to make progress at the RHA Tungsten Mine and look forward to a comprehensive update on that project in the coming week."

 

Enquiries

 

Fuad Sillem

Premier African Minerals Limited

Tel: +44 (0)7734 922074

Michael Cornish / Roland Cornish

Beaumont Cornish Limited

(Nominated Adviser)

Tel: +44 (0)20 7628 3396

Jerry Keen/Edward Mansfield

Shore Capital Stockbrokers Limited

Tel: +44 (0)20 7408 4090

Jon Belliss

Beaufort Securities Limited

Tel: +44 (0)20 7382 8300

Charles Goodwin/ Harriet Jackson

Yellow Jersey PR Limited

Tel: +44 (0)7747 788221

Dave Mutton

PrimaryBid Limited

Tel: +44 (0)20 7491 6519

 

Beaumont Cornish Limited is acting solely as the Company's Nominated Adviser for the purposes of the AIM Rules and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the matters referred to in this announcement and is not acting in respect of the Offer nor providing any advice in relation thereto.

 

Forward-looking Statement

All statements in this announcement other than statements of historical fact are, or may be deemed to be, "forward-looking statements". In some cases, these forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout the announcement and include statements regarding the intentions, beliefs or current expectations of the Company and/or Directors concerning, among other things, the trading performance, results of operations, financial condition, liquidity, prospects and dividend policy of the Company. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, result of operations, financial condition, liquidity and dividend policy may differ materially from the impression created by the forward-looking statements contained in this announcement. In addition, even if the performance, results of statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Important factors that may cause these differences include, but are not limited to, changes in economic conditions generally; changes in interest rates and currency fluctuations; impairments in the value of the Company's assets; legislative/regulatory changes; changes in taxation regimes; the availability and cost of capital for future expenditure; the availability of suitable financing; the ability of the Group to retain and attract suitably experienced personnel and competition within the industry. Prospective investors should specifically consider the factors identified in this announcement which could cause actual results to differ before making an investment decision.

 

This announcement has been issued by, and is the sole responsibility, of the Company. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Beaumont Cornish Limited or by any of its respective affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

 

Notes to Editors

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.

 

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. In addition, the Company holds 5,010,333 shares in Circum, the owner of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$10.2 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25 per cent interest in the 1.5 million ounce inferred resource Akyanga gold deposit in the DRC.

 

ENDS

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Successful Fundraising via PrimaryBid - RNS