Business
Final Conversion of Investment Agreement
Final Conversion of Investment Agreement.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 0155B\n Premier African Minerals Limited\n 02 October 2020\n \n \n \n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \n \n For immediate release\n \n \n \n \n \n 2 October 2020 \n \n \n Premier African Minerals Limited\n \n \n \n \n \n Final Conversion of Investment Agreement\n \n \n \n \n \n The Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") announces that D-Beta One EQ, Ltd, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited, collectively referred to as the (\"Investors\") have elected to convert the remaining balance of US$65,000 of the investment plus accrued interest of US$249.32, amounting to US$65,249.32 (£50,711.77) in aggregate, in accordance with the terms of the Investment Agreement as announced on 7 May 2020 into new ordinary shares in the Company. \n \n \n \n George Roach, CEO commented\n \n , \"This is the last of the convertible loan notes related to this investment and this debt is now cleared. I add that whilst the potential benefits of convertible debt are clear, Premier has not had any upside in our share price from this investment and we intend now to focus on alternative funding options.\n \n \n As set out in our recently released financial statements, our focus and objectives are\n \n \n · \n To continue to engage directly with MNH; \n \n \n · \n Look to acquire potentially cash generative assets;\n \n \n · \n Resolve the status in Zimbabwe, either that the EPO is granted and RHA equity and funding is resolved or seek a disposition of these assets;\n \n \n · \n Identify and secure high value exploration targets in other jurisdiction.\n \n \n \n \n \n I look forward to updating on these objectives in the near future.\"\n \n \n \n \n \n The Company has therefore issued today 120,915,045 new ordinary shares to the Investors (\"Investors Shares\") at an issue price of 0.04194 pence per Investors Share, the issue price being 90 per cent. of the lowest daily volume weighted average price during the five days trading days immediately prior to the repayment. The Investors Shares will rank pari passu in all respects with the existing ordinary shares. \n \n \n Application will be made for the Investors Shares to be admitted to trading on AIM and admission is expected to take place on ...