Business
Funding and Corporate update
Funding and Corporate update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 3250M\n Premier African Minerals Limited\n 07 May 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 7 May 2020 \n \n \n Premier African Minerals Limited\n \n \n \n \n \n Funding and Corporate update \n \n \n Premier African Minerals Limited (\"Premier\" or the \"Company\") today announces the conclusion of an investment agreement of US$290,000.\n \n \n \n George Roach commented\n \n : \"This agreement provides a further cash buffer as we approach finality in regard to both our EPO application at Zulu Lithium Pvt Limited and the ongoing negotiations at RHA Tungsten Private Limited (\"RHA\") in Zimbabwe.\n \n \n I am pleased to note that the Ministry of Commerce and Industry in Zimbabwe has indicated that whilst they cannot conclude the negotiation in regard to RHA under the Covid-19 lock down, they have nevertheless provided RTGS $2,500,000 (equivalent to US$ 108,806 at the official bank exchange rate), in interim funds that are adequate to cover holding and security costs at RHA for an extended period. \n \n \n I am deeply appreciative of this gesture and will comply with the request that further action be stayed at this moment.\"\n \n \n New Investment\n \n \n The Company has today entered into a secured US$290,000 Investment Agreement (\"Investment Agreement\") before costs with D-Beta One EQ, Ltd (\"D-Beta\"), YA II PN, Ltd (\"YA\") and Riverfort Global Opportunities PCC Limited (\"Riverfort\"), collectively referred to as the \"Investors\". The annual interest rate payable on the outstanding investment amount is 10%. \n \n \n The principal amount (plus any accrued interest) under the Investment Agreement is repayable six months from the date of this announcement. The Investors, at their sole discretion, may convert any percentage of the principal amount under the Investment Agreement, subject to the Company's applicable share authorities, into new ordinary shares of the Company at the conversion price at the lower of 90 per cent. of the lowest daily volume weighted average price (\"VWAP\") during the 5 trading days immediately prior to the date of a conversion notice, or 135% of the average daily VWAP for the 20 trading days immediately prior to the advance of funds to Premier under the ...