Business
Conversion of last remaining loan notes
Conversion of last remaining loan notes.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 0087Q Premier African Minerals Limited 24 February 2016 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \nFor immediate release\n24 February 2016\n \nPremier African Minerals Limited (\"Premier\" or \"the Company\")\nConversion of last remaining loan notes, issue of equity and settlement of loan notes \n\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 8 loan notes with an aggregate value of £200,000 into equity (\"Conversion Notice\").\n \nAll Darwin loan notes are now converted and there is no longer any debt owed to Darwin.\n \nThe loan notes have been used to part fund the re-opening of underground operations at RHA Tungsten (Private) Limited (\"RHA\"), Premier African Mineral's tungsten project located in Zimbabwe and for general working capital purposes. Premier is the operator of RHA and holds a 49% interest. \n \nPremier, at its election, has the right to redeem one or all of the outstanding loan notes in cash at 105% of Par Value (equivalent to £26,250 per loan note). \n \nShould Premier not redeem any loan notes during any one month, Darwin may elect to convert up to 7 loan notes at 105% of Par Value into new Ordinary Shares in Premier at the conversion price, being the lesser of the subscription issue price or 90% of the arithmetic average of the five daily volume weighted average share price per Ordinary Share preceding conversion. Darwin has converted its 7 loan notes for February 2016 (as previously announced on 18 February 2016 and 16 February 2016). \n \nIn addition, the loan notes have certain conversion triggers that enable Darwin to convert the loan notes at 100% of Par Value. As announced on 15 September 2015, Darwin reduced the conversion trigger price of APT from $230 to $130 per mtu until 31 December 2015. As the current price of APT remains below the trigger price of $230 per mtu, Darwin has elected to convert the remaining 8 loan notes at 100% of Par Value (£200,000) at the conversion price of 0.542592p.\n \nThe Conversion Notice was therefore received in aggregate for £200,000 of lo...