Chronicle27 Nov 2018 13:04
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Premier converts $300k director’s loan
27 NOV, 2018 - 00:11 0 COMMENTS 1 IMAGES
Premier converts $300k director’s loan
Natasha Chamba, Business Reporter
MULTI-COMMODITY mining and natural resource development company, Premier African Minerals, has converted a $300 000 loan availed by one of its directors, Mr George Roach, into new ordinary shares.
Premier African Minerals, a parent company to RHA Tungsten Mine in Matabeleland North, said in an update last week its board of directors agreed to amend terms of the existing loan agreement.
The move resulted in a resolution to convert rights with respect to the entire loan amount in return for cancellation of the loan’s security over the company’s shareholding of 6,1 million shares in ARC Minerals Limited, one of the subsidiaries to the group.
“The company has agreed that the loan ($300 000) can be converted into new ordinary shares on or before the maturity date (November 30, 2018) at the lesser of the volume weight average price of the five trading days immediately prior to the date of conversion or the closing price of the Premier’s shares,” said the company.