Premier African Minerals (LON:PREM) – CORP: Corporate update
Market Cap: £5m; Current Price: 0.25p
From yesterday: Russel Swarts joins as Non-Exec and AgriMinco Loan settled
Russel Swarts, a director of AgriMinco, is appointed as a Non-Executive Director of Premier African Minerals.
The net balance of the Loan Facility with AgriMinco owed by Premier is US$65,343.51. Premier will repay the loan in four equal instalments of US$12,335.88 from 15 March 2017, with an initial amount of US$16,000 on execution of the settlement agreement. Premier appointed as a strategic advisor to AgriMinco.
Darwin has subscribe for an additional 20 loan notes that have a gross value of £500,000 to support the completion of the XRT installation and re-commencement of production during Q117. Darwin will be issued with 42,857,143 warrants at 0.35 pence per warrant as part of the subscription.
NORTHLAND CAPITAL PARTNERS VIEW: Premier African Minerals believes its appointment as a strategic advisor to AgriMinco provides it with an opportunity to consider additional opportunities in association with AgriMinco. AgriMinco is a Canadian Public Corporation and has a significant tax loss. The installation of the XRT machine at RHA should result in a significant improvement in recovery.