Aim-listed Premier African Minerals will acquire a further 2% in MN Holdings (MNH), the owner and operator of the Otjozondu manganese mining project, in Namibia, for $200 000.
This will take Premier's interest in MNH to 12%.
The company has satisfied the consideration due through the issue of 171-million new ordinary shares at an agreed issue price of 0.09p apiece for an aggregate consideration of £153 967.
The new shares have been issued in favour of Nera Consulting, which is the owner of MNH.
“This is another small step on the way to becoming independently cash generative, which will assist in our plans for the restarting of production at RHA Tungsten and in due course, the long-awaited exploration and development of Zulu Lithium,” comments Premier CE George Roach.
“MNH is one of very few manganese producers able to lay claim to remain cash positive and profitable through the recent fall in manganese prices, and with the recent reversal and more positive outlook for manganese, our association with MNH bodes well for the future,” he adds.