24th Feb 2016 10:52
LONDON (Alliance News) - Premier African Minerals Ltd on Wednesday said it has received a notice from Darwin Capital Ltd to convert its remaining loan notes held in the company.
The company said it has issued a total of 36.9 million shares at 0.542592 pence per share, raising a total of GBP200,000. Premier African shares were up 28% to 0.924p on Wednesday.
The conversion means all loan notes owned by Darwin have now been converted into equity, and Premier African owes Darwin no more money, it said.
"I am delighted that this debt is now cleared and particularly that our share price and market capitalisation has continued to improve significantly through this process," said George Roach, Premier African's chairman and chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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