Business
Issue of equity and Proposed Conversion of loan
Issue of equity and Proposed Conversion of loan.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 7099N Premier African Minerals Limited 02 February 2016 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \nFor immediate release\n \n2 February 2016\nPremier African Minerals Limited \n(\"Premier\" or the \"Company\")\nIssue of equity and Proposed Conversion of loan \n \nPremier African Minerals Limited is pleased to announce:\n \n· The direct subscriptions for £310,200 of new ordinary shares to complete underground developments needed before profitable production at RHA is anticipated;\n· RHA remains on target to anticipated profitable production this Spring; and\n· Proposed conversion of all outstanding direct loans from George Roach to Premier amounting to £172,824, including accrued interest, into new ordinary shares in the company.\n \nPremier African Minerals Limited, the AIM-traded, multi-commodity mining and resource development company focused on Southern and Western Africa, is pleased to announce that it has received direct subscriptions for £310,200 of new ordinary shares. The subscription funds will be used for the completion of the existing phase of underground mining development at the RHA Tungsten Mine (\"RHA\") in Zimbabwe, of which Premier is the operator and holds a 49% interest, and for general working capital. In addition, the Company's Chairman and CEO, George Roach also proposes to elect to convert the balance of his loan plus accrued interest in the amount of US$247,000 (£172,824) to Premier in accordance with the terms of the loan into new ordinary shares in the Company. \n \nGeorge Roach, Chairman and CEO commented:\n \n\"With these subscriptions, there are no obstacles in bringing the underground developments on the lower levels of RHA into production as well as final plant fixes. RHA has been mining from the existing adit level since November 2015 and has the first full month ROM tonnage ready to feed. Final equipping of the existing shaft is progressing on schedule. Residual concerns in regard to water availability in the present drought in Southern Africa have been adequately allayed through recommissioning of extensive above ground storage for accumulated water in the lower levels of the mine and better supply management. Subject t...