29 January
2024
Premier African Minerals
Limited
Offtake and Prepayment
Agreement Update
Premier African Minerals
Limited ("Premier" or
the "Company"), provides a
further update on the Restated and Amended Offtake and Prepayment Agreement ("Agreement") entered into between
Premier and Canmax Technologies Co., Ltd. ("Canmax") as announced on 15 August 2023
for spodumene concentrate produced at Zulu Lithium and Tantalum
Project ("Zulu").
George Roach, CEO commented:
"Premier is pleased that Canmax has elected
to carry forward the monthly payments in respect of the
non-delivery of product in the months of November and December
2023. The effect of this is that the monthly payment contemplated
is rolled forward and clear indication that Canmax requires
delivery of Spodumene concentrate as soon as possible.
Premier is deeply appreciative for
the understanding and assistance Canmax has provided. And we remain
committed to production in late February provided only that all
commitments made by contractors are met."
Restated and Amended Offtake and Prepayment
Agreement
Premier has received a notice of
election under the Agreement from Canmax following Premier's
failure to deliver at least 1,000 tonnes of product per month for
the months of November 2023 and December 2023 ("Notice") to have the current
outstanding balance owed to Canmax of US$3 million (US$1.5 million
per month) of the monthly payment carried forward.
In accordance with the Agreement,
the interest rate for the outstanding balance of the prepayment
amount will be increased to 12% per annum with effect from the 1
December 2023.
Further details of the Agreement,
including Canmax possible remedies under the Agreement are detailed
in the announcement on the 15 August 2023 on the Company
webpage:
https://polaris.brighterir.com/public/premier_african_minerals/news/rns/story/xje3pgr.
Market Abuse Regulations
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
The person who arranged the release
of this announcement on behalf of the Company was George
Roach.
A copy of this announcement is
available at the Company's website, www.premierafricanminerals.com
Enquiries:
George Roach
|
Premier African Minerals Limited
|
Tel: +27 (0) 100 201 281
|
Michael Cornish / Roland Cornish
|
Beaumont Cornish Limited
(Nominated Adviser)
|
Tel: +44 (0) 20 7628 3396
|
Douglas Crippen
|
CMC
Markets UK Plc
|
Tel: +44 (0) 20 3003 8632
|
Toby Gibbs/Rachel Goldstein
|
Shore Capital Stockbrokers Limited
|
Tel: +44 (0) 20 7408 4090
|
Beaumont Cornish Limited
("Beaumont Cornish"), which
is authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as nominated adviser to the Company in
connection with this announcement and will not regard any other
person as its client and will not be responsible to anyone else for
providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals.
Beaumont Cornish has not authorised the contents of, or any part
of, this document and no liability whatsoever is accepted by
Beaumont Cornish for the accuracy of any information or opinions
contained in this document or for the omission of any information.
Beaumont Cornish as nominated adviser to the Company owes certain
responsibilities to the London Stock Exchange which are not owed to
the Company, the Directors, Shareholders, or any other
person.
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.
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 accepted 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