Conversion of loan

RNS Number : 0380U

Premier African Minerals Limited

24 July 2020

 

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

For immediate release

24 July 2020

Premier African Minerals Limited

Conversion of loan

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that Regent Mercantile Holdings Limited ("Regent") has elected to convert their loan plus accrued interest in the amount of US$390,040.92 (£305,836.77) in accordance with the terms of the loan agreement as announced on the 21 June 2019 into new ordinary shares in the Company.

George Roach CEO, commented that , "Regent invested in this loan agreement with the stated intention to convert the loan into Premier shares at a time Regent considered appropriate and in pursuance of their desire to be a long term supportive shareholder.

I am appreciative of this statement of support and their continued association with Premier as a shareholder."

The Company has therefore issued today 431,241,920 new ordinary shares to Regent ("Regent Shares") at an issue price of 0.07092p per Regent Share, the issue price being 90 per cent. of the daily volume weighted average price during the five days trading days immediately prior to the repayment. The Regent Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for the Regent Shares to be admitted to trading on AIM and admission is expected to take place on or around 30 July 2020.

The issue of the Regent Shares will also see the termination of the security held by Regent over 350,000 shares of Circum Minerals Limited.

Total Voting Rights

Following the issue of the Payment Shares, the Company's issued share capital consists of 12,366,617,674 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries:

George Roach	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Jerry Keen/Edward Mansfield	Shore Capital Stockbrokers Limited	Tel: [phone]

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.

 In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

ENDS

 

END

 

 

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