31 May 2022
Premier African Minerals Limited
("Premier" or the "Company")
Grant of Options
Premier African Minerals Limited (AIM: PREM), announces that, on 31 May 2022 options for 1,127,500,000 ordinary shares of no-par value in the Company were awarded to both directors and management ("Options"). Options for up to 317,500,000 ordinary shares of no-par value in the Company (the "Director Options") were awarded to Directors. In addition, the Company has also issued a further 810,000,000 options to a non-board members and management on similar terms ("Management Options").
In aggregate, the award of new Director Options to the Directors represents approximately 1.42 per cent. of the Company's current issued share capital and is therefore not being treated as a Related Party Transaction under AIM Rule 13.
Further details of the Options awards are set out below:
| Director | New options awarded | Exercise price | First exercise date | Expiry date |
| George Roach | 65,000,000 | Nil Cost | The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project. | 31 May 2032 |
| | 65,000,000 | 0.4p | 1 December 2023 | 31 May 2032 |
| | 65,000,000 | 0.5p | 31 May 2024 | 31 May 2032 |
| | 65,000,000 | 0.5p | 1 December 2024 | 31 May 2032 |
| | | | | |
| Godfrey Manhambara | 40,000,000 | Nil Cost | The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project. | 31 May 2032 |
| | | | | |
| Wolfgang Hampel | 17,500,000 | Nil Cost | The sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project. | 19 January 2027 |
| Note: Further details are set out in the Appendix. | ||||
Option Schedule
122,500,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in the Company at a nil cost on the sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project.
65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from1 December 2023 at a price 0.4p.
65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from 31 May 2024 at a price 0.5p.
65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from 1 December 2024 at a price 0.5p.
The Director Options and the Management Options will, unless otherwise exercised, all expire on 31 May 2032.
Following this issue of Options, the Company has a total of 1,251,950,860 ordinary shares under option, equivalent to approximately 5.03 per cent of the Company's current issued ordinary share capital.
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 |
| John More/Toby Gibbs | Shore Capital Stockbrokers Limited | Tel: +44 (0) 20 7408 4090 |
| Matthew Bonner | EAS Advisors LLC | Tel: +1 646 495 2225 |
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 per cent interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.
In addition, the Company holds a 19 per cent interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
APPENDIX
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
| a) | Name | George Roach | ||||||||||
| 2 | Reason for notification | |||||||||||
| a) | Position / status | Director | ||||||||||
| b) | Initial notification /Amendment | Initial | ||||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
| a) | Name | Premier African Minerals Limited | ||||||||||
| b) | LEI | Not applicable | ||||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited
| ||||||||||
| | Nature of the transaction | Issue of options over Ordinary Shares | ||||||||||
| | Price(s) and volumes(s) |
| ||||||||||
| d) | Aggregated information | n/a | ||||||||||
| e) | Date of the transaction | 31 May 2022 | ||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Godfrey Manhambara | ||||
| 2 | Reason for notification | |||||
| a) | Position / status | Director | ||||
| b) | Initial notification /Amendment | Initial | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Premier African Minerals Limited | ||||
| b) | LEI | Not applicable | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited
| ||||
| | Nature of the transaction | Issue of options over Ordinary Shares | ||||
| | Price(s) and volumes(s) |
| ||||
| d) | Aggregated information | n/a | ||||
| e) | Date of the transaction | 31 May 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Wolfgang Hampel | ||||
| 2 | Reason for notification | |||||
| a) | Position / status | Director | ||||
| b) | Initial notification /Amendment | Initial | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Premier African Minerals Limited | ||||
| b) | LEI | Not applicable | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited
| ||||
| | Nature of the transaction | Issue of options over Ordinary Shares | ||||
| | Price(s) and volumes(s) |
| ||||
| d) | Aggregated information | n/a | ||||
| e) | Date of the transaction | 31 May 2022 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
ENDS
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