(Alliance News) - Premier African Minerals Ltd on Wednesday said the repayment date of its USD350,000 loan has been extended to January 2020.
Shares in Premier African were up 2.8% at 0.033 pence in London in afternoon trading.
The commodity mining and natural resource development company had been required to make two equal payments at the start of August and September 2019 or else lender Regent Mercantile Holdings Ltd was entitle to convert any amount of the loan into new shares at 90% of their daily volume weighted average price.
Premier now has until the end of January next year to repay the principal amount plus interest. In consideration of this, Regent now has the right to choose to convert the principal amount plus interest during the extension period at that same price.
After Janaury ends, Premier has five days to settle any outstanding payment due under the loan, which is still secured over the 350,000 Circum Minerals Ltd shares held by Premier.
Premier African Minerals (PREM)