Business
TSX Approval for Togo and Malian asset sale
TSX Approval for Togo and Malian asset sale.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining \n\n5 July 2013\n\n Premier African Minerals Limited (`Premier' or `the Company') \n\n Approval from TSX Venture for sale of Premier's Togo and Mali subsidiaries to \n EPC \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 its press releases of 22 April 2013, 24\nMay 2013, 4 June 2013 and 3 July 2013, the acquisition by Ethiopian Potash\nCorp. (`EPC') (TSX Venture: FED) of Premier's Togo and Mali subsidiaries\n(together the `Transactions') has received final approval from the TSX Venture\nExchange (`TSX-V').\n\nAs a result, Premier will hold 120 million new shares in EPC, representing\napproximately 42% of the issued and outstanding shares. These shares, except as\nmentioned below, will be subject to a four month hold period and will be\ntradeable from 31 October 2013. Of these shares, 20 million shares (which\nrelate to the sale of Premier's Mali subsidiary) will be held in escrow pending\nTSX-V approval of technical and legal reports being satisfactorily submitted\nprior to 30 June 2014. If approval is not forthcoming the Mali subsidiary\ntransaction will be unwound. As part of the Transactions, Premier has appointed\ntwo representatives to EPC's board, John (Ian) Stalker and David Weill as the\nCompany is entitled to nominate two directors to the board of EPC while\nPremier's shareholding remains above 30%.\n\nUnder the Transactions, Premier will gain exposure to EPC's prospective Danakil\npotash property in Ethiopia, in which EPC will retain a 30% interest, with a\nfree carry to Scoping Study and a total spend of C$10 million. Circum Resources\nLtd, the purchaser of 70% of this property, has raised the funds required to\nmeet the carry referred to above and expects to rapidly advance exploration of\nthe property. In addition, through the Company's shareholding in EPC, Premier\nwill retain exposure to the Malian and Togo subsidiary assets, which includes\nthe Taoudenni and Oglat potash projects in Mali, the Southern Togo phosphate/\nclays projects, and the Bassar phosphate project in Togo. All assets are\nfurther described in the Company's Admission Document.\n\nPremier CEO, George Roach commented \"...