Premier African Minerals Limited Corporate Update (6364Y)

TIDMPREM

RNS Number : 6364Y

Premier African Minerals Limited

05 May 2023

5 May 2023

Premier African Minerals Limited

Corporate Update

Premier African Minerals Limited ("Premier" or the "Company"), has appointed MAH, Chartered Accountants ("MAH") as its new independent auditor with immediate effect.

Jeffreys Henry LLP, the Company's former auditor, has advised Premier that Jeffreys Henry LLP does not have sufficient capacity to satisfy its regulatory requirements in respect of its audit engagement with Premier and on that basis will therefore resign as auditor. This change has caused Jeffreys Henry LLP to withdraw from multiple clients concurrently, including Premier.

The audit process for the financial year ending 31 December 2022 was commissioned simultaneously with this engagement and the internal preparation by Premier for this audit is complete.

Admission update

On 27 April 2023, the Company announced the exercise of all options under the 2017 Options Award (as announced on 19 January 2017) and the number of options exercised at the price of 0.28p and 0.40p per ordinary share were each overstated by 2,000,000 new ordinary shares.

Accordingly, together with the 24,500,000 options exercised by current directors, in aggregate, a total of 161,877,130 new ordinary shares have been issued by Company pursuant to the exercise of the options ("New Ordinary Shares"). The total proceeds of the exercise amounts to GBP550,382.24 which will be used by the Company for general working capital purposes.

Application has been made to the London Stock Exchange for 161,877,130 New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective, and dealings will commence in the New Ordinary Shares at 8.00 a.m. on or around 10 May 2023. The New Ordinary Shares shall rank pari passu in all respects with all other Ordinary Shares then in issue.

Total Voting Rights

The Company's issued share capital consists of 22,579,886,961 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 Rules.

Enquiries:

 
 George Roach        Premier African Minerals     Tel: +27 (0) 100 
                      Limited                      201 281 
 Michael Cornish     Beaumont Cornish Limited     Tel: +44 (0) 20 
  / Roland Cornish    (Nominated Adviser)          7628 3396 
                    ---------------------------  ----------------- 
 John More/Toby      Shore Capital Stockbrokers   Tel: +44 (0) 20 
  Gibbs               Limited                      7408 4090 
                    ---------------------------  -----------------

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe" "could" "should" "envisage" "estimate" "intend" "may" "plan" "will" or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has a ccepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum.

Ends

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May 05, 2023 12:00 ET (16:00 GMT)

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