Business
Funding and Appointment of Joint Broker
Funding and Appointment of Joint Broker.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n \n19 May 2023\nPremier African Minerals Limited\nFunding and Appointment of Joint Broker\nDirector / PDMR shareholding\n \nPremier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce, after receiving further institutional interest following the funding announced 15 May 2023, a further placing to raise £610,000 before expenses at an issue price of 0.925 pence per new ordinary share (\"Placing Price\") for the ongoing Zulu Lithium and Tantalum Project (\"Zulu\") Pilot Plant optimisation.\nPlacing Premier has today issued by way of a placing (\"Placing\"), conditional on admission, 65,945,946 new ordinary shares of nil par value (\"Placing Shares\") at the Placing Price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc (\"CMC Markets\"), acted as the Company's sole placing agent in respect of the Placing.\n \nGeorge Roach, Chief Executive Officer, has agreed to participate in the placing at the Placing Price by way of a subscription of £110,000 as set out in the table below:\n\n\n\nShares Subscribed\n\n\nSubscription price\n\n\nResultant holding of Ordinary Shares \n\n\n% of enlarged issued share capital\n\n\n\n\n11,891,892\n\n\n0.925p\n\n\n1,628,406,099\n\n\n7.1%\n\n\n\n \nApplication will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 25 May 2023.\n \nThe Placing has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.\n \nThe disapplication of the pre-emptive rights approved by shareholders on the 21 May 2021 lapses on 21 May 2023.\n \nFurther details are set out in the appendix.\nAppointment of joint broker\nThe Company has today appointed CMC Markets as joint broker to the Company.\nTotal Voting Rights\nFollowing the issue of the Placing Shares, the Company's issued share capital consists of 22,836,049,123 Ordinary Shares, with voting rights. This figure...