Business
Zulu Lithium Drilling Programme Update
Zulu Lithium Drilling Programme Update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 3605A Premier African Minerals Limited 28 May 2019 \n\n \n \nFor immediate release\n28 May 2019\n \nPremier African Minerals Limited\nZulu Lithium Drilling Programme Update\nCancellation of KME Payment Shares \n \nFollowing the announcement dated 15 May 2019, Premier African Minerals Limited (\"Premier\" or the \"Company\") reports that it has been unable to conclude a revised pricing structure for the long form drilling contract that was commercially acceptable to both Premier and KME Plant Hire Proprietary Limited (\"KME\") that fairly reflected the revised relationship for the next phase of drilling activities at Premier's wholly-owned Zulu Lithium Project (\"Zulu\") in Zimbabwe. The proposed drilling programme with KME will not therefore now proceed and discussions with KME have been terminated. The Company will now urgently reopen previous discussions held with the previous drilling contractor to look to recommence drilling activities at Zulu as Premier believes their familiarity with Zulu should expedite the engagement process. \n \nAs previously announced, the Company had issued, within the Company's existing share authorities, 212,413,793 new Ordinary Shares of nil par value at an issue price of 0.145p per share (\"KME Payment Shares\") to KME as pre-payment for mobilisation and drilling and the KME Payment Shares were admitted to trading on AIM on 4 March 2019. The KME Payment Shares, while issued had not been released by Premier to the control of KME, pending execution of the long form drilling contract. As the long form drilling contract with KME will not now proceed, Premier has cancelled the 212,413,793 KME Payment Shares and application will be made to AIM for the cancellation of the KME Payment Shares from trading on AIM, which is expected to occur on or about 4 June 2019 . \n \nTotal Voting Rights \nFollowing the cancellation of the KME Payment Shares, the Company's issued share capital consists of 7,828,124,187 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rul...