Premier African Minerals Limited Approval of further funding for Zulu Project (9919L)

TIDMPREM

RNS Number : 9919L

Premier African Minerals Limited

11 September 2023

Premier African Minerals Limited

Approval of further funding for Zulu Project

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that Canmax Technologies Co., Ltd. ("Canmax") has confirmed it has now received Chinese Regulatory Approval for its subscription under which Premier has raised a further GBP5 million before expenses at an issue price of 0.35 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project ("Zulu") Optimisation (the "Subscription") as announced on 30 August 2023.

Admission Update

The Subscription had been arranged within the Company's existing share authorities and the 1,428,571,428 new ordinary shares ("Subscription Shares") will, when issued, rank pari passu in all respects with the existing ordinary shares. Application has been made for the Subscription Shares to be admitted to trading on AIM and admission is now expected to take place on or around Friday, 15 September 2023.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 25,407,477,694 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 Regulation

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.

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:

 
                     Premier African Minerals     Tel: +27 (0) 100 
 George Roach         Limited                      201 281 
 Michael Cornish /   Beaumont Cornish Limited     Tel: +44 (0) 20 
  Roland Cornish      (Nominated Adviser)          7628 3396 
                    ---------------------------  ----------------- 
                                                  Tel: +44 (0) 20 
 Douglas Crippen     CMC Markets UK Plc            3003 8632 
                    ---------------------------  ----------------- 
 Toby Gibbs/Rachel   Shore Capital Stockbrokers   Tel: +44 (0) 20 
  Goldstein           Limited                      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 and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has accepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum.

In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia .

Ends

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September 11, 2023 02:00 ET (06:00 GMT)

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