Ethiopian Potash Corp. (TSXV:FED) agreed to acquire G and B African Resources SARL from Premier African Minerals Limited (AIM:PREM) for CAD 2 million on April 22, 2013. Ethiopian Potash Corp. (EPC) will issue 100 million EPC common shares as consideration. The transaction is subject to TSX Venture Exchange and shareholder approvals. As of June 4, 2013, In accordance with the requirements of the TSXV, Premier has agreed to the removal of the escrow provisions in the Togo part of the transaction, pursuant to which the Togo sale would have completed in escrow with the ability for the transaction to be effectively cancelled and unwound in certain circumstances. Accordingly, pursuant to the terms of the amended Togo sale and purchase agreement, the sale of the Togo Sub will complete following the satisfaction of all conditions precedent and, on completion, the Togo Sub shares will be transferred to EPC and the 100 million EPC consideration shares will be issued to Premier. As of June 30, 2013, the transaction was approved by the shareholders of Premier African Minerals. The transaction has closed in escrow pending final approval of the TSX Venture Exchange, which is expected shortly. As of July 5, 2013, the transaction has been approved by the TSX Venture Exchange.

Grant Gordon, Paul Airley, James Fussell and Mark Boullé of Fladgate LLP acted as legal advisor, Jerry Keen and Ed Mansfield of Shore Capital Stockbrokers and Tony Rawlinson of Cairn Financial Advisers acted as financial advisors for Premier African Minerals Limited.