On Monday, Premier African Minerals announced the resolution was duly passed at the general meeting held in London on Saturday, and that offtake partner Canmax had agreed to an amended arrangement.
Canmax had previously issued a termination notice and Premier African Minerals were at risk of having to repay and prepayment amount, plus interest.
The amended agreement will be welcomed by shareholders but details on the new Canmax agreement were scant, and Premier African Minerals said they would issue a separate RNS containing the specific terms of the Canmax agreement.
Premier African Minerals shares were up 10% at the time of writing.
The disapplication of the pre-emption resolution proposed at the General Meeting held on 12 August 2023 passed, and Premier African Minerals now have greater flexibility to issue new shares to raise funds.
The company hasn’t announced a specific funding round, but one would expect one to follow in the not too distant future.