Premier African Minerals Limited Conversion of loan note and issue of equity (7857V)
February 01 2017 - 10:43AM
UK Regulatory
TIDMPREM
RNS Number : 7857V
Premier African Minerals Limited
01 February 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
1 February 2017
Premier African Minerals Limited
("Premier" or the "Company")
Conversion of loan note and issue of equity
Premier African Minerals Limited, the AIM-traded,
multi-commodity mining and resource development company focused on
Southern and Western Africa, announces that it has received a
notice of exercise by Darwin Capital Limited ("Darwin") to convert
a further 16 loan notes with an aggregate par value of GBP400,000
into equity ("Conversion Notice") in relation to the convertible
loan note, as announced on 22 August 2016.
The Conversion Notice was received in aggregate for GBP400,000
of the loan notes. The Company has therefore issued today
196,430,851 new ordinary shares to Darwin ("Darwin Shares") at an
issue price of 0.203634p per Darwin Share. The Darwin Shares will
rank pari passu in all respects with the existing ordinary shares.
Application will be made for the Darwin Shares to be admitted to
trading on AIM and admission is expected to take place on or around
8 February 2017. The Par Value outstanding on the remaining issued
51 loan notes is GBP1,275,000 after conversion today. Terms of the
loan notes, including redemption and conversion, were set out in
the announcement dated 22 August 2016.
Following the issue of the Darwin Shares, the Company's issued
share capital consists of 3,356,153,585 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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
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Michael Cornish Beaumont Cornish Tel: +44 (0) 207
/ Roland Cornish Limited 628 3396
(Nominated Adviser)
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207
Mansfield Limited 408 4090
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Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
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Charles Goodwin/
Harriet Jackson/ Yellow Jersey PR Tel: +44 (0) 754
Dominic Barretto Limited 427 5882
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Notes to Editor
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. The Company
recently acquired a 52% controlling stake in Mozambique-based TCT
Industrias Florestais Limitada, which owns a substantial limestone
deposit and forestry business located on rail in the Sofala
Province of Mozambique. In addition, The Company holds 2 million
shares in Circum Minerals Limited ("Circum"), the owners 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$4
million based on the latest price at which Circum has accepted
subscriptions. Premier also has a 4.5% interest in Casa Mining
Limited, a privately-owned exploration company that has a 71.25%
interest in the 1.2 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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February 01, 2017 10:43 ET (15:43 GMT)