Premier African Minerals Ltd., the company incorporated in the British Virgin Islands and engaged in acquisition and development of mineral properties across Africa, especially in West and Southern Africa, acquired control over 120,000,000 common shares of Ethiopian Potash Corp., representing approximately 42% of the issued and outstanding common shares of the company. This acquisition is part of a series of transactions which include the acquisition by Ethiopian Potash of all of the issued and outstanding shares of G and B African Resources SARL and G and B African Resources Mali SARL, which hold certain exploration permits in Togo and in Mali from Premier African Minerals.
Acquisitions were approved by shareholders of Ethiopian Potash Corp. at an annual and special meeting held on June 30, 2013.
Chief Executive Officer of Premier African Minerals and Chairman and Chief Executive Officer of Ethiopian Potash Corp. George Roach indirectly controls 16,993,774 common shares, representing 14% of the issued and outstanding common shares immediately prior to the transactions. As a result of the acquisition transactions, George Roach may be considered to beneficially own or exercise control or direction over an aggregate of 136,993,774 Common Shares, representing approximately 56% of the Common Shares, calculated in accordance with applicable Canadian securities laws.
The securities of Ethiopian Potash Corp. were acquired by Premier African Minerals for investment purposes.
