Business
Extension of Loan Repayment
Extension of Loan Repayment.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 0786B Premier African Minerals Limited 28 January 2020 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n28 January 2020\n \nPremier African Minerals Limited\nExtension of Loan Repayment\n \nThe Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to report that the Company and Regent Mercantile Holdings Limited (\"Regent\") have agreed to a further extension to the repayment terms of the convertible loan note for US$350,000 entered into on the 21 June 2019.\nTerms of the Loan\nUnder the terms of Loan Agreement (\"Loan Agreement\") and related Subscription Agreement (together, the \"Instrument\") subscribed with Regent, Premier was required to make to two equal payments on 1 August 2019 and 1 September 2019. Failing direct repayment of the Loan Agreement by Premier, Regent at its sole discretion was allowed to convert any percentage of a payment into new Premier shares at a conversion price equal to 90 per cent. of the daily volume weighted average price during the five days trading days immediately prior to the relevant payment date (\"Conversion Price\").\nThe parties agreed on the 3 September 2019 to extend the payment until 31 January 2020 (\"Period\"). In consideration of the repayment extension for the Period, Regent were award the right, in its absolute discretion, to elect a Conversion of the Principal Amount, including all outstanding interest thereon during the Period at the Conversion Price. \n \nThe parties have now agreed to extend the payment term until the 31 March 2020. The Instrument will remain subject to the agreed normal events of default and the Company has provided several standard warranties and undertakings to Regent in respect of the Group. The Loan Agreement will continue to be secured over 350,000 shares of Circum Minerals Limited held by Premier.\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.\n \nEnquiries:\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...