Business
Conversion of last loan notes and issue of equity
Conversion of last loan notes and issue of equity.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 2210W Premier African Minerals Limited 07 February 2017 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n7 February 2017\nPremier African Minerals Limited \n(\"Premier\" or the \"Company\")\n Conversion of last remaining loan notes, issue of equity and Darwin debt free status\n \nPremier African Minerals Limited, the AIM-traded, multi-commodity mining and resource development company focused on Southern and Western Africa, announces that it has received a notice of exercise by Darwin Capital Limited (\"Darwin\") to convert the remaining 27 loan notes with an aggregate par value of £675,000.00 into equity (\"Conversion Notice\") in relation to the convertible loan note, as announced on 22 August 2016.\nAll Darwin loan notes are now converted and there is no longer any debt owed to Darwin as of this conversion notice.\nThe Conversion Notice was received in aggregate for £675,000.00 of the loan notes the Company has therefore issued today 317,844,496 new ordinary shares to Darwin (\"Darwin Shares\") at an issue price of 0.212368p per Darwin Share. The Darwin Shares will rank pari passu in all respects with the existing ordinary shares. Application will be made for the Darwin Shares to be admitted to trading on AIM and admission is expected to take place on or around 13 February 2017. Terms of the loan notes, including redemption and conversion, were set out in the announcement dated 22 August 2016.\nFollowing the issue of the Darwin Shares, the Company's issued share capital consists of 3,968,644,358 ordinary shares, with voting rights. 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 their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. \n \nEnquiries\n\n\n\n\nFuad Sillem \n\n\nPremier African Minerals Limited\n\n\nTel: +44 (0)7734 922074\n\n\n\n\nMichael Cornish / Roland Cornish\n\n\nBeaumont Cornish Limited\n(Nominated Adviser)\n\n\nTel: +44 (0) 207 628 3396\n\n\n\n\nJerry Keen/Edward Mansfield\n\n\nShore Capital Stockbroker...