Director/PDMR Shareholding

Premier African Minerals Limited

18 August 2023

 

For immediate release

18 August 2023

Premier African Minerals Limited

Facility Update

Director / PDMR shareholding

Premier African Minerals Limited ("Premier" or the "Company"), announces that the Company has received total net proceeds of £1,708,532.51 from the sales of 370,000,000 Premier Ordinary Shares ("Share Sales") by George Roach ("Lender") at an average price 0.4513 pence per share ("Selling Price"), in accordance with the Loan Facility Agreement announced on 9 August 2023 ("Facility").

The Board and Lender have agreed that no further shares will be sold by the Lender under the Facility and that, upon settlement of the repayment of the existing amounts outstanding under the Facility by the issue of the new Premier Ordinary Shares, the Facility will be terminated with immediate effect.

Further details on the sales of Premier Ordinary Shares by George Roach are set out in the Appendix. Following the Share Sales, George Roach is now interested in 1,246,514,207 Premier Ordinary Shares representing 5.4 per cent. of the issued share capital of the Company. New Premier Ordinary Shares will be issued in due course to George Roach by the Company to repay the Facility in accordance with its terms at the Selling Price. George Roach as Lender also incurred £19,077.09 in broker and banking fees pursuant to the selling of the Share Sales which will be reimbursed through the issue of a further new Premier Ordinary Shares also at the Selling Price. A further announcement will be made in due course.

The total proceeds received under the terms of the Facility have been used for general working capital purposes and to meet the ongoing operational costs at the Zulu Lithium and Tantalum Project.

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 Godfrey Manhambara.

Enquiries:

George Roach	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Douglas Crippen	CMC Markets UK Plc	Tel: [phone]
Toby Gibbs/Rachel Goldstein	Shore Capital Stockbrokers Limited	Tel: [phone]

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.

APPENDIX

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	George Roach
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial Notification
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 financial instrument, type of instrument	Ordinary shares of no-par value in Premier African Minerals Limited
	Identification code	ISIN: VGG7223M1005
b)	Nature of the transaction	Issue of Ordinary Shares
c)	Price(s) and volume(s)		No. Number of Shares Price 1 70,000,000  0.5228p 2 75,000,000  0.5236p 3 85,000,000  0.471176p 4 10,000,000  0.4325p 5 67,500,000  0.404p 6 12,500,000  0.4p 7 50,000,000  0.405p
d)	Aggregated information
	- Aggregated volume	370,000,0000 Ordinary Shares
	- Price	0.4513p
e)	Date of the transaction	No. Date 1 06/07/2023 2 07/07/2023 3 10/07/2023 4 27/07/2023 5 28/07/2023 6 31/07/2023 7 02/08/2023
f)	Place of the transaction	AIMX

 
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