Premier African Minerals has elected not to exercise its option to acquire up to 30% in Casa Mining Limited.
Premier acquired a 4.5% interest in Casa Mining Limited (Casa), on October 18, 2016 with an option to increase its interest up to 30% within a 60 day period. This option will expire on December 18, 2016.
CEO George Roach commented:
“Our current market capitalization does not reflect the value of the underlying assets and accordingly we will not proceed with a direct financing to pursue the interest available in Casa.
“We remain strongly supportive of Casa and believe the project has great value and would generate significant value for Premier shareholders.
“I am pleased that Premier and Casa have agreed to work cooperatively to attempt to find a solution to both the consolidation of the Casa interests and appropriate finance to fully develop the project.”
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