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Premier African Min - Extension of Loan Repayment

RNS Number : 0786B
Premier African Minerals Limited
28 January 2020
 

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

For immediate release

28 January 2020

 

Premier African Minerals Limited

Extension of Loan Repayment

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to report that the Company and Regent Mercantile Holdings Limited ("Regent") have agreed to a further extension to the repayment terms of the convertible loan note for US$350,000 entered into on the 21 June 2019.

Terms of the Loan

Under the terms of Loan Agreement ("Loan Agreement") and related Subscription Agreement (together, the "Instrument") subscribed with Regent, Premier was required to make to two equal payments on 1 August 2019 and 1 September 2019. Failing direct repayment of the Loan Agreement by Premier, Regent at its sole discretion was allowed to convert any percentage of a payment into new Premier shares at a conversion price equal to 90 per cent. of the daily volume weighted average price during the five days trading days immediately prior to the relevant payment date ("Conversion Price").

The parties agreed on the 3 September 2019 to extend the payment until 31 January 2020 ("Period"). In consideration of the repayment extension for the Period, Regent were award the right, in its absolute discretion, to elect a Conversion of the Principal Amount, including all outstanding interest thereon during the Period at the Conversion Price.

 

The parties have now agreed to extend the payment term until the 31 March 2020. The Instrument will remain subject to the agreed normal events of default and the Company has provided several standard warranties and undertakings to Regent in respect of the Group. The Loan Agreement will continue to be secured over 350,000 shares of Circum Minerals Limited held by Premier.

 

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.

 

Enquiries:

Fuad Sillem

Premier African Minerals Limited

Tel: +44 (0)7734 922074

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 10% interest in MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia.

 

Forward Looking Statements:

Certain statements in this announcement are, or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Premier African Minerals Ltd

Price: 0.06

Market: AIM
Market Cap: £6.86 m
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