12th Nov 2014 09:11
LONDON (Alliance News) - Premier African Minerals Ltd Wednesday said it has received the fourth tranche of USD1 million from Circum Minerals Ltd as part of a deal in which Circum bought its stake in the Danakil potash project in Ethiopia for cash and shares.
The AIM-traded, multi-commodity natural resource company with mineral projects located in western and southern Africa, will now await a further payment of USD1 million on January 15, 2015.
In May, Circum exercised its exclusive option to acquire the entire issued share capital of Mandalore Development Ltd, a company which holds a 30% interest in the Danakil project, which Premier African had bought. Following the deal, Circum now will own the entire property.
The company said at the time that it will now no longer have to repay a USD2.5 million net bridging loan from Circum and will be issued two million new shares in Circum along with the tranche payments.
Premier African shares were up 1.3% to 1.01 pence per share Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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