Fladgate advises AIM listed Premier African Minerals on Ethiopian Potash asset

Fladgate LLP acted for Premier African Minerals Limited (Premier), on the purchase of the entire share capital of Mandalore Development Limited (Mandalore) from TSX-V listed AgriMinco Corp (AgriMinco). Mandalore owns a 30% interest in the Danakil Potash project which includes a potentially significant potash deposit in the Danakil Depression in Ethiopia.

The consideration comprised the cancellation of Premier’s 42% interest in AgriMinco, the settlement of certain debt obligations of AgriMinco up to a value of C$1.5 million and the issue of C$1 million worth of new Premier shares to AgriMinco.

Fladgate LLP has also advised Premier on the subsequent sale of Mandalore to Circum Minerals Ltd (Circum) for approximately US$6.5 million in cash and 2 million new Circum shares.

Premier is an AIM-quoted, multi-commodity African exploration company focused on Southern and West Africa. The Company has a diverse portfolio of multi-commodity projects which includes tungsten, rare earth elements, gold, lithium, tantalum and uranium in Zimbabwe and Togo, which span from brownfield projects with near-term production potential to grass-roots exploration. Fladgate LLP advised Premier on its admission to AIM in December 2012.

The Fladgate team was led by head of corporate Grant Gordon, with support from energy & resources partner Paul Airley and corporate associate David Baverstock.