9th Mar 2015 10:04
LONDON (Alliance News) - Premier African Minerals Ltd on Monday said it has completed its tungsten off-take agreement with Noble Resources International Pte Ltd and said it has issued shares under a convertible loan note deal with Darwin Strategic Ltd.
Premier African has completed an off-take agreement with Noble Resources covering the supply of 500 tonnes of concentrate over an anticipated initial six-month period from the RHA Tungsten mine in Zimbabwe. Noble will have first refusal on all future concentrate from Premier provided it matches the terms offered by other buyers.
In a separate announcement, Premier African also said it has received a notice of exercise by Darwin Strategic Ltd to convert GBP150,000 unsecured convertible loan notes into equity.
Premier African has issued 20.1 million shares to Darwin at 0.74675 pence under the terms of the deal.
Shares in Premier African were up 8.7% to 0.897 pence on Monday morning, one of the best performers in the AIM All-Share mid-morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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