Business
Director's Loan Conversion
Director's Loan Conversion.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 5079Z Premier African Minerals Limited 15 December 2017 \n\n15 December 2017\n \n \nPremier African Minerals Limited\nDirector's Loan Conversion \n \nPremier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce the Company's Chairman and CEO, George Roach has today elected to convert US$100,000 of the US$300,000 (\"Loan\") he provided to the Company on 15 September 2015. The Loan is unsecured and accrues interest at a rate of LIBOR plus 3%. As of 6 December 2017, the Loan and accrued interest totalled US$315,096. The Loan can also be converted at any time into new ordinary shares at a price of 0.5p per new ordinary share (as further announced on 28 March 2017).\nThe Company has therefore issued 14,964,020 new ordinary shares to George Roach (\"Conversion Shares\") at an issue price of 0.5p. 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 22 December 2017. \nOn issue of the Conversion Shares, George Roach will therefore be interested directly and indirectly in aggregate in 476,751,154 ordinary shares representing 7.25 per cent of the enlarged issued share capital of the Company. \nSecurities In issue \nFollowing the issue of these Conversion Shares and the Subscription Shares as announced previously, the Company's issued share capital consists of 6,572,936,370 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 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. \n \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) 20 7628 3396\n\n\n\n\nJerry K...