Business
Premier acquires further interest in MNH
Premier acquires further interest in MNH.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 1751C Premier African Minerals Limited 06 February 2020 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n \n 6 February 2020 \nPremier African Minerals Limited\n \nPremier acquires further interest in MN Holdings Limited \n \nThe Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce that it has today agreed to acquire for US$200,000 a further 2% in MN Holdings Limited (\"MNH\"), the owner and operator of the Otjozondu Manganese Mining Project (\"Otjozondu\") in Namibia. On completion of the acquisition, Premier's interest in MNH will increase to 12%.\nThe Company has satisfied the consideration due through the issue of 171,074,444 new ordinary shares (\"New Shares\") at an agreed issue price of 0.09p per share for an aggregate consideration of £153,967. The New Shares have been issued in favour of Nera Consulting Limited (\"Nera\") who is the owner of MNH. \nThe New Shares will, when issued rank pari passu in all respects with the existing shares and represent 1.5 per cent. of the enlarged issued share capital of the Company. Application will be made for the New Shares to be admitted to trading on AIM and admission is expected to take place on or around 12 February 2020.\nGeorge Roach, Chief Executive of Premier commented, \"This is another small step on the way to becoming independently cash generative, which will assist in our plans for the restarting of production at RHA Tungsten (Pvt) Limited and in due course, the long-awaited exploration and development of Zulu Lithium. MNH is one of very few Manganese producers able to lay claim to remain cash positive and profitable through the recent fall in Manganese prices, and with the recent reversal and more positive outlook for Manganese, our association with MNH bodes well for the future.\"\nAbout the Otjozondu Manganese Mining Project\nThe Otjozondu Project is located some 450 kilometres east of Walvis Bay, a port town on the coast of Namibia which is currently used to ship manganese ores to international markets. The Project is located in a well-known and established manganese district that has been largely consolidated under Otjozondu, whose tenements cover an area of approximately 1,367 square kilometres and more than 114 kilometres ...