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27 June 2019   Premier African Minerals Limited   Investment by NIEEF into RHA Premier African Minerals Limited ("Premier or the Company") is pleased to report the receipt of six million in Zimbabwean local currency ("RTGS Dollars"), a portion of the investment the National Indigenisation and Economic Empowerment Fund ("NIEEF") has undertaken to provide to RHA Tungsten Private Limited ("RHA") to assist in potentially bringing RHA back into production. George Roach, CEO said, "It was widely reported on 24 June 2019 that Zimbabwe had effectively adopted its own currency and that legal tender in the domestic environment now excluded the direct use of all foreign currencies. This policy directive by the Reserve Bank of Zimbabwe has affirmed that the RTGS Dollar will be Zimbabwe's sole legal tender. In this context, RHA has now received a remittance of 6 million RTGS Dollars that has been credited to RHA's bank account. Whilst we expect an adjustment to various of the quoted anticipated expenditure items that need to be met to bring RHA back to full production, we also expect that much of the expenditure will now remain at a one to one RTGS US$ conversion. Examples of this include debt, including RHS's bank overdraft (currently underwritten by Premier), as well as other local debts that can potentially be settled from this remittance. Uncertainty remains in regard to items that will need to be supplied from outside Zimbabwe, as well as the exact cost of electrification which is an essential requirement for RHA. We are pleased that the Zimbabwe Ministry of Industry, Commerce and Enterprise Development ("Ministry") have assured us that NIEEF intends to work closely with RHA to ensure solutions to these challenges are found. In the interim, we will revaluate how best we can commence with the process of bringing RHA back into production as expeditiously as possible. I look forward to providing the market with further update as we progress. Further commentary on the introduction of the RTGS Dollars is being included in Premier's annual accounts for the year ended December 2018 that we expect to publish later tomorrow".  This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.

https://www.investegate.co.uk/premier-african-min--prem-/rns/investment-by-nieef-into-rha/201906271647017201D/

I would prefer them to relist. But in a delisted state, they still have a responsibility to their shareholders. And we remain shareholders. Not sure what this would mean in the event they tried to remain delisted and not benefit us in any way but I remain solidly of the opinion that ZM and SN will not be out to completely rip us off (even if there is an issue of how much information they have made available in the past).

If I was a more skeptical a person than I am now, would be suspecting 'whatsitworth' has another ID, perhaps even 'Wang-It'

Just saying...

A 55million sell order would've tanked the share. We'd be below 0.07p.

That was definitely a BUY!

Zaza clearly knows what they have by way of evidence. I would only expect them to go through with it if they thought, conclusively, that they had the evidence they needed. And they would need to be more conclusive in their strength of feeling than they have been to date, as we've not been doing wonderfully so far in convincing the judge (though DOS is a critical piece of positive progress). If we continue with the case, I can only assume that we already have Discovery bagged. That's level of confidence I'm expectgin them to have given they've been, thus far, unable to convience the judge (though again, DOS is major).

So unless Discovery has brought to the surface the incontrovertible, including potentially, the criminal, not sure it is worth pursuing - unless FRR's view is, as the Plaintiff, we have nothing to lose except court costs, with DOS providing the ultimate backstop. But even then, the process risks being a total waste of time, slwoing other elements of our work up. We got to have pretty good evidence to pursue, even if it ain't Discovery throwing something up equivalent to the Ten Commandments.

I also think that once the case concludes, it may be a while before we can relist. Listing/ relisting is not a simple exercsie and off the back of this case, there may be some tidying up to do (which is we should only puruse the case further only if know we got proof at a level that reduces as much as possible the need for interpretation)

Looks a like of traders trying to get the SP down to get back in after having sold.

steward, I repsect your posting but your posts following this loan note agreement is unduly alarmist.

The loan is better than a usual placing in that we have breathing space to increase the SP before there is issue of any shares to settle. Most placings would not get close to that sort of scenario and that the second instalment date gives a second shot at moving the SP before part 2 of any potential issuance.

We are due $6million for RHA. We have some time move this into place now. And I have no problem the company raising money to run the company. It has to pay people (with key team members already at reduced rates of pay).

If you had sold and thought this was going nowhere, why are you still here and, especially, trying to hammer the company?! That I don't get...

The terms of this deal considerably better than previous raises. We have enough time to get the $6million in. We needed the money and terms give us breathing space.

If RHA $6million comes in before repayment, we'll be doing OK out of this deal.

Agreed snowking. Not immediate dilution - much better than previous raises.

That's my view Bottompicker.

RHA $6million due any time in my view.

Unless we have significant news between now and repayment. Not a given at all that we'll be trading in this range by time of repayment.

Good to see. We needed the money. Reasonable terms and conditions in my view.

Now just need the RHA $6million.

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Friday 21 June, 2019

Premier African MinUS$350,000 Loan Note Funding

RNS Number : 9653C

Premier African Minerals Limited

21 June 2019

 

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

21 June 2019

 

Premier African Minerals Limited

US$350,000 Loan Note Funding

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to report that the Company has issued a convertible loan note for US$350,000 with Regent Mercantile Holdings Limited.

George Roach CEO, commented that, "Premier is pleased to have received this offer of support in this form from an independent source who first invested and supported Premier at its original listing.

I have remarked on the need for our Company to plan for alternative support and to look for further diversification of risk and I do expect this to be one of several key developments in the immediate future."

Terms of the Loan

The Company has today entered into a secured US$350,000 Loan Agreement ("Loan Agreement") and related Subscription Agreement (together, the "Convertible") with Regent Mercantile Holdings Limited ("Regent"). The annual interest rate payable on the outstanding loan amount is 10% per annum. The principal amount of US$350,000 will be made available to the Company in one advance with no deductions. No warrants have been issued to Regent under the Convertible.

The principal amount (plus any accrued interest) under the Loan Agreement is repayable in two equal payments on 1 August 2019 and 1 September 2019. Failing direct repayment of the loan by Premier, Regent at its sole discretion may convert any percentage of a repayment within applicable share authorities into new Premier shares at a conversion price equal to 90 per cent. of the daily volume weighted average price ("VWAP") during the five days trading days immediately prior to the relevant repayment date.

The Loan Agreement is subject to normal events of default and the Company has provided a number of standard warranties and undertakings to Regent in respect of the Group. The Loan Agreement is secured over 350,000 shares of Circum Minerals Limited held by Premier.

The proceeds of the Loan Agreement will be used for to support the ongoing development and general working capital of the Company.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.

 

https://www.investegate.co.uk/premier-african-min/rns/us-350-000-loan-note-funding/201906210700059653C/

Thank gawd is just a $1000. Given our run of luck, feels like a win.

Great stuff from RC (MBE), badeli and Eyeguy.

According to Hanno his self, the project would generate $250milliom to £300million in annual revenues and $1.1billion to $1.4billion in taxes and royalties over the lifetime of the project. Gives a sense of value of the project. And we potentially have 40%:of this!

...been some very good buying today and more generally...

...news on the near horizon?

...quite possibly...