Last checked at 28 Mar 2017 15:26
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
28 March 2017
Premier African Minerals Limited
("Premier" or the "Company")
Loan Agreement with George Roach -
Loan Agreement Conversion Rights
Premier African Minerals Limited, the AIM-traded, multi-commodity mining and resource development company focused on Southern and Western Africa, announces that it has amended the terms of the existing loan agreement ("Loan") with George Roach through the grant of conversion rights.
On 15 September 2015, George Roach provided a US$300,000 loan direct to Premier for the use at RHA Tungsten (Pty) Limited ("RHA"). The loan is unsecured and accrues interest at a rate of 3% per annum. As at 28 March 2017, the loan and accrued interest totalled US$ 309,457.
The Board has granted conversion rights in respect of the Loan, which can now be converted into new ordinary shares at a price of 0.5p per new ordinary share (being the same price as the offer price pursuant to the PrimaryBid Offer as announced on 27 March 2017).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries
Fuad Sillem | Premier African Minerals Limited | Tel: +44 (0)7734 922074 |
Michael Cornish / Roland Cornish | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 (0) 207 628 3396 |
Jerry Keen/Edward Mansfield | Shore Capital Stockbrokers Limited | Tel: +44 (0) 207 408 4090 |
Jon Belliss | Beaufort Securities Limited | Tel: +44 (0) 20 7382 8300 |
Charles Goodwin/ Harriet Jackson | Yellow Jersey PR Limited | Tel: +44 (0) 7747 788221 |
Notes
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company recently acquired a 52% controlling stake in Mozambique-based TCT Industrias Florestais Limitada, which owns a substantial limestone deposit and forestry business located on rail in the Sofala Province of Mozambique. In addition, The Company holds 2 million shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$4 million based on the latest price at which Circum has accepted subscriptions. Premier also has a 4.5% interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.2 million ounce inferred resource Akyanga gold deposit in the DRC.
ENDS