Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
20 November 2015
Premier African Minerals Limited ("Premier" or "the Company")
Early Release of Second Tranche of Darwin Loan Approved
Premier African Minerals Limited, the AIM-traded, multi-commodity resource and development company focused on Southern and Western Africa, announces that Darwin Strategic Limited has agreed to bring forward the release date of the second tranche of 7 Loan Notes from the financing announced on 9 October 2015, in the amount of £157,500, and the funds will be released to Premier today. Premier is the operator of RHA and holds a 49% interest.
George Roach, CEO, commented:
"Use and application of funds is to provide additional working capital and support of the expedited underground developments at RHA as announced on the 27 October 2015. We anticipate a full corporate update during the coming week."
The terms of the Loan Notes are as set out in the announcement published on 9 October 2015.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified 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 reflect 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.
Enquiries
Pamela Hueston |
Premier African Minerals Limited |
Tel: +44 (0) 755 778 3855 |
Michael Cornish / Roland Cornish |
Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 (0) 207 628 3396 |
Jerry Keen/ Edward Mansfield |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 207 408 4090 |
Aidan Stanley/ Charles Goodwin |
Yellow Jersey PR Ltd |
Tel: +44 (0) 7584 085 670 |
Notes
Premier African Minerals Limited (AIM: PREM) is a multi-commodity exploration and development company focused in Southern and Western Africa with near term production at its flagship RHA Project in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Togo, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 2 million shares in Circum, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$4 million based on the latest price at which Circum has accepted subscriptions.
Ends
