Premier African Minerals Limited’s (LON:PREM) chairman and CEO, George Roach. has increased his holding in the mining firm to 7.25% after electing to convert US$100,000 of the US$300,000 loan he provided to the company on 15 September 2015.
The AIM-listed group said the loan – which is unsecured and accrues interest at a rate of LIBOR plus 3% - can be converted at any time into new ordinary shares at a price of 0.5p each.
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The company has therefore issued 14,964,020 new ordinary shares to Roach at that issue price, which will increase his direct and indirect aggregate holding in Premier African Minerals to 476,751,154 ordinary shares representing 7.25 per cent of the group’s enlarged issued share capital.
In late morning trading today, Premier African Mineral shares were holding steady at 0.38p.