Premier African Minerals Ltd (AIM:PREM) told investors it has agreed to borrow up to £1.7 million in a loan from chief executive George Roach.
The short-term funding option, announced today, eases pressure on the firm which has become entangled in a dispute with partner Canmax. It allows operations to continue progress in the field, whist corporate matters are being dealt with.
Roach is to provide funds in two separate tranches, starting with an initial £1 million.
The loan, which carries interest at 8% per year, will be convertible into shares.