Business
Conversion of Director's Loan
Conversion of Director's Loan.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 9497G Premier African Minerals Limited 09 November 2018 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \nFor immediate release\n9 November 2018\n \nPremier African Minerals Limited\nConversion of Director's Loan \n \nPremier African Minerals Limited (\"Premier\" or the \"Company\") announced earlier today that the Board had agreed to amend the terms of the existing loan agreement (\"Loan\") entered into with a company owned by a Trust of which George Roach is a beneficiary (\"Lender\"), by granting conversion rights with respect to the entire Loan amount in return for cancellation of the Loan's security over the Company's shareholding of 6,128,822 shares in ARC Minerals Limited. The Company agreed that the Loan can be converted into new ordinary shares at any time on or before the maturity date (30 November 2018) at the lesser of the Volume Weight Average Price for the five trading days immediately prior to the date of conversion or the closing price of the Premier's shares on the day preceding this morning's announcement (being 0.16p).\n \nThe Company has now today received a conversion notice from the Lenders to convert the entire principal amount due under the Loan of US$300,000. The Company has therefore issued 142,045,455 new ordinary shares (\"Conversion Shares\") at an issue price of 0.16p per Conversion Share. The Conversion Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application will be made for the Conversion Shares to be admitted to trading on AIM and admission is expected to take place on or around 16 November 2018. \nOn issue of the Conversion Shares, George Roach will therefore be interested directly and indirectly in aggregate in 618,796,609 ordinary shares representing 8.4 per cent. of the enlarged issued share capital of the Company. \nSecurities In issue \nFollowing the issue of these Conversion Shares as announced previously, the Company's issued share capital consists of 7,381,648,492 ordinary shares, with voting rights. The Company does not hold any shares in treasury and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify...