11th Dec 2015 13:10
LONDON (Alliance News) - The chief executive of Premier African Minerals Ltd now owns 29.5% of the company, according to a statement on Friday, up from 28.9% previously.
CEO George Roach was issued with 21.1 million new shares at 0.4505 pence each after converting an additional USD144,119 of of his outstanding loans made to the company.
The loans, which are unsecured and bear interest at the London interbank offered rate plus 3.0% per annum, can be converted into new shares at Roach's choosing.
Prior to the latest conversion, there was USD374,643 of loans outstanding.
"I am committed to maintaining an overall position at this level in Premier and intend to convert all or part of my loans to the company as and when I am able," Roach said in a statement.
Shares in Premier African Minerals were up 13% at 0.424p on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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