Business
Director Loan Update
Director Loan Update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n\nFor immediate release\n9 August 2023\nPremier African Minerals Limited\n \nDirector Loan Update\n \nOn 20 July 2023 Premier African Minerals Limited (\"Premier\" or the \"Company\") announced that the Company had entered into a loan facility agreement with George Roach (\"Lender\") for up to £1.7 million (\"Facility\").\n \nPremier and the Lender have today agreed to vary the Facility by increasing the size of the Facility from £1.7 million to £2 million and to waive any interest on a repayment by Premier of the Facility in cash (\"Amended Facility\"). Premier and the Lender have further agreed that Premier will make one request of a draw-down under the Amended Facility in the amount of £2 million.\n \nAs George Roach is a related party under the AIM Rules, the Facility and the Amended Facility (together the \"Loan\") are related party transactions for the purposes of AIM Rule 13. The independent directors (being the Board other than George Roach) have been consulted on the Loan. Accordingly, the independent directors, having consulted with the Company's Nominated Adviser, consider that the Facility and the Amended Facility are fair and reasonable in so far as the Company's shareholders are concerned.\n \nThe Independent Directors have in particular noted that the Loan is unsecured, there are no arrangement fees, and as previously announced, the Company needs funding to meet its immediate working capital needs. The Independent Directors have noted furthermore that with the waiver of interest under the Amended Facility, there is no direct monetary benefit to the Lender under the Loan.\n \nAs previously announced, the Loan will be used for otherwise unfunded general working capital purposes including ongoing operational expenses at Zulu pending the completion of the remedial work on the plant and the commencement of commercial production.\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.\n \nThe person who arranged the release of this announcement on behalf of the Company was Godfrey Manhambara.\n \nEnquiries:\n \n\n\n\n\nGeorge Roach\n\n\nPremier African Miner...