(Alliance News) - Premier African Minerals Ltd on Tuesday said it has agreed with Regent Mercantile Holdings Ltd to extend the repayment terms of the USD350,000 convertible loan note.
The Africa-focused metals and agri mineral projects developer said, under the original contract, it was required to make two equal payments in August 2019 and September 2019. However, in September, the repayment day was extended to the end of January.
On Tuesday, Premier said it has now agreed to extend the payment term until the end of March. The loan agreement will continue to be secured over 350,000 shares of Circum Minerals Ltd held by Premier, it said.
Failing direct repayment of the loan by Premier will allow Regent, at its sole discretion, to convert any percentage of a payment into new Premier shares. The conversion price was agreed to be equal to 90% of the daily volume weighted average price during the five days trading days immediately prior to the relevant payment date.
Premier shares were trading 2.9% higher in London on Tuesday at 0.085 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Premier African Minerals (PREM)