Tungsten miner Premier African (LON:PREM) revealed Darwin has opted to convert £210,00 of its loan notes into company shares.
The notes were issued in April last year and it means Premier has now £915,000 outstanding of notes.
The loan has been used by the firm to part fund the re-opening of its underground operations at RHA Tungsten in Zimbabwe.
It comes after yesterday the firm said it received a US$200,000 credit facility from a local Zimbabwe bank as it prepares to mine the site underground.
The on-demand facility will be used to pay for direct operating expenses, the firm said.
Today, Premier chief executive George Roach said: "This loan note conversion further reduces Premier's debts and with the ability to secure alternative debt finance directly from local Zimbabwe institutions now a reality and an anticipated liquidity event in Circum later this year, there is a prospect that Premier may well find it possible to redeem certain of the still outstanding Darwin loan notes in the future."
Premier is the operator of the mine and holds a 49% interest.