Premier signs definitive agreement with Ethiopian Potash Corporation
JOHANNESBURG (miningweekly.com) – Aim-quoted Premier African Minerals has now signed a definitive agreement with TSX-listed Ethiopian Potash Corporation (EPC) for the sale of Premier's Mali subsidiary, G and B African Resources Mali.
This announcement followed the signing of a memorandum of understanding between the multicommodity natural resource company and EPC, in January.
The sale of the Mali subsidiary, which held rights to acquire exploration authorisations for the Taoudenni and Oglat projects, would be satisfied through the issue of 20-million new shares in EPC.
This would result in Premier holding about 11% of the EPC shares in issue.
“Premier thus retains exposure to the Mali subsidiary property and gains exposure to the prospective Danakil property, in Ethiopia, in which EPC will hold a 30% interest when all the transactions close,” the company said in a statement on Monday.
Conditions precedent to closing included consent by the TSX Venture Exchange and EPC shareholders.
"The signing of definitive agreements in regard to this disposition underlines our ability to realise value from our diverse property portfolio and has the potential to add to our available financial resources.
“The transaction offers interesting alternatives that include ongoing exposure to the development of agricultural minerals,” commented Premier CEO George Roach.
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