Business
Acquisition of Lithium Portfolio
Acquisition of Lithium Portfolio.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 5692P\n Premier African Minerals Limited\n 10 June 2020\n \n \n \n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \n \n For immediate release\n \n \n \n \n \n 10 June 2020 \n \n \n Premier African Minerals Limited\n \n \n \n \n \n Acquisition of Zimbabwe and Mozambique Lithium Portfolio \n \n \n \n \n \n The Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce that the Company has entered into a conditional sale and purchase agreement to acquire a portfolio of hard-rock lithium assets located in Zimbabwe and Mozambique from Lithium Consolidated Ltd (\"Li3\") following Li3's strategic shift of focus to their Australian based projects.\n \n \n Highlights\n \n \n · \n Zimbabwe claims are prospective for lithium and have historic production of beryl and tantalite\n \n \n · \n Complement our existing operations in Zimbabwe\n \n \n · \n Demonstrate our commitment to our Zimbabwe operations\n \n \n · \n Mozambique project carries similar mineralisation to Zimbabwe and has gold prospects\n \n \n \n George Roach, Chief Executive of Premier commented\n \n , \"These properties in Zimbabwe are completely complementary to our existing operations and may have potential for small scale early production, something very important to our Company, as much as adding to our lithium inventory. \n \n \n The project in Mozambique has recently been identified as being potentially prospective for other mineralisation including gold\".\n \n \n Sale and Purchase Agreement (\"SPA\")\n \n Premier has conditionally agreed to purchase the Li3 African projects for a gross consideration of AUD$ 150,000, (approximately US$104,000) which will be satisfied through issuance of new ordinary in Premier (\"Settlement Shares\"). The SPA is subject to a 30-day due diligence period (\"Period\"). \n The issue price of Settlement Shares will be based on a 5-day VWAP prior to completion of the Period unless otherwise agreed in writing. Application will be made for the Settlement Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM and a further announcement will be made in due course. \n \n Project overview and history\n \n \n The information below has been provi...