Premier African Minerals Limited (LON:PREM) has entered into a loan agreement with a company owned by a trust of which George Roach is a beneficiary, for a gross value of US$300,000.
The loan is non-interest bearing, has a maturity of 60 days and will provide additional working capital while the company looks to conclude negotiations currently underway in Zimbabwe in respect of both the Zulu lithium project and the RHA tungsten project.
The company will repay the entire Loan, including all fees within five days following the maturity of the Loan.
The loan carries an implementation fee of US$15,000 and a redemption fee of US$15,000.
The loan is not convertible, nor does it include share-based repayment or warrants. It is secured against the company's shareholding of just over six million shares in ARC Minerals Limited (LON:ARCM).