Premier African Minerals has agreed to acquire a further 2% in MN Holdings, the owner and operator of the Otjozondu Manganese Mining Project, for US$200,000.
On completion of the acquisition, Premier's interest in MNH will increase to 12%.
The Company has satisfied the consideration due through the issue of 171,074,444 new ordinary shares at an agreed issue price of 0.09p per share for an aggregate consideration of £153,967. The New Shares have been issued in favour of Nera Consulting, who is the owner of MNH.
The New Shares will, when issued rank pari passu in all respects with the existing shares and represent 1.5 per cent of the enlarged issued share capital of the Company.
Application will be made for the New Shares to be admitted to trading on AIM and admission is expected to take place on or around 12 February 2020.
At 8:42am: (LON:PREM) Premier African Minerals share price was -0p at 0.09p