REG - Premier African Min - Conversion of loan

Premier African MineralsAnnouncement

24/07/2020 11:45

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: +27 (0) 100 201 281




Michael Cornish / Roland Cornish


Beaumont Cornish Limited
(Nominated Adviser)


Tel: +44 (0) 20 7628 3396




Jerry Keen/Edward Mansfield


Shore Capital Stockbrokers Limited


Tel: +44 (0) 20 7408 4090



 
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


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