Premier African’s (LON:PREM) chief executive George Roach has taken his stake in the miner to 26.6% with conversion of the final chunk of a loan into shares.
The balance of Roach’s loan plus accrued interest was US$247,000 (£173,000), which means he has recentlyconverted loans of US$1.04mln into equity.
The new shares were issued at a price of 0.364p.
Roach now only has a US$300,000 loan to tungsten subsidiary RHA outstanding.
Premier also raised a further £310,200 through a share subscription at 0.26p per share, a 20% discount to yesterday’s close.
This cash will help bring the underground levels at RHA’s tungsten mine in Zimbabwe into production.
Roach said: "With these subscriptions, there are no obstacles in bringing the underground developments on the lower levels of RHA into production as well as final plant fixes.
“RHA has been mining from the existing adit level since November 2015 and has the first full month ROM tonnage ready to feed.
“Final equipping of the existing shaft is progressing on schedule.
“Residual concerns in regard to water availability in the present drought in Southern Africa have been adequately allayed through recommissioning of extensive above ground storage for accumulated water in the lower levels of the mine and better supply management.
“Subject to grade, throughput and recoveries meeting expectations, we remain on target to operate profitably at RHA this Spring."