28th Aug 2019 11:55
(Alliance News) - Premier African Minerals Ltd on Wednesday said it has completed its loan to MN Holdings Ltd and re-appointed Neil Herbert to its board.
Shares in the multi-commodity mining and natural resource developer were down 0.3% at 0.030 pence in London in late morning trade.
The GBP1.0 million loan to MN Holdings, owner and operator of the Otjozondu manganese mine in Namibia, was part of a USD1.4 million total loan provided by Premier African and Cambrian Ltd, with Cambrian providing the other USD350,000.
Cambrian's loan was in cash, while Premier African's loan takes the form of 1.76 billion new shares issued to MN Holdings at a 0.045p issue price. Premier African has now obtained shareholder consent to provide the loan, as it needed approval to exceed its 1.01 billion share authority.
Herbert, who was a director at Premier African between August 2013 and April 2016 has now joined the board again as a non-executive director. His is currently chair of IronRidge Resources Ltd, Helium One Ltd, And Siderian Resource Capital Ltd.
Herbert is also acting chair of MN Holdings and its subsidiaries operating Otjozondu.
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