3rd Dec 2015 12:58
LONDON (Alliance News) - AIM-listed Premier African Minerals Ltd on Thursday said it has issued 118.5 million new shares to Darwin Capital Ltd at an issue price of 0.47876 pence after receiving a conversion notice over loan notes.
The mining and resource development company, which focuses on Southern and Western Africa, said that on Monday this week it received a notice of exercise by Darwin Capital to convert in aggregate GBP567,500 loan notes into equity.
The loan notes have been used to part fund the re-opening of underground operations at RHA Tungsten (Private) Ltd, Premier African Minerals' tungsten project in Zimbabwe, and for general working capital. Premier is the operator of RHA and has a 49% interest in it.
In addition, the company said it has elected to meet the second tranche payment of USD50,000 due to the National Indigenisation and Economic Empowerment Fund, as disclosed on October 2, through an issue of 7.0 million new shares at an issue price of 0.47p.
Shares in Premier African Minerals were up 0.9% at 0.530p on Thursday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Premier African Minerals