Premier African Minerals Limited has issued 591.1 million new ordinary shares after its strategic partner Canmax Technologies elected to convert £177,329 (US$242,949) in accrued interest into equity, further diluting the company’s share base as it continues to manage funding pressures at its Zimbabwe operations.
The conversion was executed under the restated and amended offtake and prepayment agreement between the two companies, with Premier confirming that Canmax exercised its right to convert interest “in accordance with the terms of the Addendum to the Agreement” announced in December last year.
The shares were issued at 0.03 pence per share, matching the price used in Premier’s direct subscription announced on 21 January 2026, effectively crystallising accrued finance costs into equity rather than cash repayment.
Following the issue, Premier’s total issued share capital has risen to 13.91 billion ordinary shares, all carrying voting rights, a level that underscores the scale of equity expansion undertaken by the AIM-listed miner over recent years.
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The company said the new shares will “rank pari passu in all respects with the existing ordinary shares,” with admission to trading on the AIM market expected on or around 11 February 2026.
While the conversion eases near-term cash obligations, it adds to shareholder dilution at a time when Premier remains reliant on funding arrangements linked to its flagship Zulu Lithium Project in Zimbabwe. Canmax is both a key financier and offtake partner, positioning it with growing leverage over the company’s capital structure.
Premier said the transaction constitutes inside information under the UK Market Abuse Regulations, with the announcement arranged by director Graham Hill.
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