Premier African Minerals Ltd (LON:PREM) has cleared its debt to a group led by Riverfort, after the respective investors elected to convert the remaining balance of US$65,000 of the investment plus accrued interest of US$249.32 into shares.
The investment agreement under which the conversion was made dates back to May 7, 2020.
"This is the last of the convertible loan notes related to this investment and this debt is now cleared,” Premier African’s chief executive George Roach said in a statement released after the market close on Friday.
“I add that whilst the potential benefits of convertible debt are clear, Premier has not had any upside in our share price from this investment and we intend now to focus on alternative funding options.”
Premier African Minerals is a multi-commodity mining and natural resource development company focused on Southern Africa, in particular the RHA Tungsten and Zulu Lithium projects in Zimbabwe.
The company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration.