Business
Definitive Agreement Signed for Sale of Mali Su...
Definitive Agreement Signed for Sale of Mali Su....
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining \n\n22 April 2013\n\n Premier African Minerals Limited (`Premier' or `the Company') \n\n Definitive Agreement Signed for Sale of Mali Subsidiary \n\nPremier African Minerals Limited, the AIM quoted multi-commodity natural\nresource company with mineral projects located in Western and Southern Africa,\nis pleased to announce that further to entering into a Memorandum of\nUnderstanding (`MOU') (see press release 30 January 2013), it has signed a\ndefinitive agreement (`the Definitive Agreement') with Ethiopian Potash Corp.\n(`EPC') (TSX Venture: `FED'), an Ethiopian focussed potash company, for the\nsale of the Company's Mali subsidiary, G and B African Resources Mali SARL\n(`Mali Sub'). The Mali sub holds rights to acquire two exploration\nauthorisations, namely the Taoudenni and Oglat Projects as described in the\nCompany admission document.\n\nThe sale, subject to finalisation, will be satisfied by the issue of 20,000,000\nnew shares in EPC that will result in Premier holding approximately 11% of the\nEPC shares in issue when all the transactions contemplated below, close.\nPremier thus retains exposure to the Mali Sub property and gains exposure to\nthe prospective Danakil Property in Ethiopia in which EPC will hold a 30%\ninterest when all the transactions close.\n\nConditions precedent to closing include but are not limited to, TSX Venture\nExchange and EPC shareholders consent. There can be no certainty that the\ncontemplated transactions will close. The Definitive Agreements that contain\nall Conditions Precedent are described in EPC's press release of the 22 April\n2013 and are available at www.ethiopianpotash.com.\n\nGeorge Roach, Premier CEO comments that, \"The signing of Definitive Agreements\nin regard to this disposition underlines our ability to realise value from our\ndiverse property portfolio and has the potential to add to our available\nfinancial resources. The transaction offers interesting alternatives that\ninclude ongoing exposure to the development of Agricultural minerals.\n\n ** ENDS ** \n\nFor further information and full details of the Definitive Agreement, please\nvisit www.premierafricanminerals.com or contact the following:\n\nPamela Hueston Premier African Minerals Tel: +44 (0) 755 778 3855 \n Limited \n \nTony Raw...