Business
Conversion of loan note and issue of equity
Conversion of loan note and issue of equity.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 9375V Premier African Minerals Limited 03 February 2017 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n3 February 2017\nPremier African Minerals Limited \n(\"Premier\" or the \"Company\")\n Conversion of loan note and issue of equity \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 a further 24 loan notes with an aggregate par value of £600,000 into equity (\"Conversion Notice\") in relation to the convertible loan note, as announced on 22 August 2016.\nThe Conversion Notice was received in aggregate for £600,000 of the loan notes. The Company has therefore issued today 294,646,277 new ordinary shares to Darwin (\"Darwin Shares\") at an issue price of 0.203634p 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 9 February 2017. The Par Value outstanding on the remaining issued 27 loan notes is £675,000 after conversion today. 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 3,650,799,862 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 Stockbrokers Limited\n\n\nTel: +44 (0) 207 408 4090\n\n\n\n\nJon Belliss ...