16th Feb 2016 09:55
LONDON (Alliance News) - Premier African Minerals Ltd on Tuesday said it has issued shares after Darwin Capital Ltd exercised a convertible loan note.
Premier African issued 78.0 million shares at 0.269388 pence per share to cover the GBP210,000 conversion. Shares in the company were down 6.7% to 0.35p on Tuesday.
The cash will be used to part-fund the re-opening of underground operations at the RHA Tungsten project.
"This loan note conversion further reduces Premier's debts, and with the ability to secure alternative debt finance directly from local Zimbabwe institutions now a reality and an anticipated liquidity event in Circum later this year, there is a prospect that Premier may well find it possible to redeem certain of the still-outstanding Darwin loan notes in the future," said George Roach, Premier African's chief executive and chairman.
Premier African's remain debt to Darwin is GBP915,000.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Premier African Minerals