Business
US$350,000 Loan Note Funding
US$350,000 Loan Note Funding.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 9653C Premier African Minerals Limited 21 June 2019 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n21 June 2019\n \nPremier African Minerals Limited\nUS$350,000 Loan Note Funding\n \nThe Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to report that the Company has issued a convertible loan note for US$350,000 with Regent Mercantile Holdings Limited.\nGeorge Roach CEO, commented that, \"Premier is pleased to have received this offer of support in this form from an independent source who first invested and supported Premier at its original listing.\nI have remarked on the need for our Company to plan for alternative support and to look for further diversification of risk and I do expect this to be one of several key developments in the immediate future.\" \nTerms of the Loan\nThe Company has today entered into a secured US$350,000 Loan Agreement (\"Loan Agreement\") and related Subscription Agreement (together, the \"Convertible\") with Regent Mercantile Holdings Limited (\"Regent\"). The annual interest rate payable on the outstanding loan amount is 10% per annum. The principal amount of US$350,000 will be made available to the Company in one advance with no deductions. No warrants have been issued to Regent under the Convertible.\nThe principal amount (plus any accrued interest) under the Loan Agreement is repayable in two equal payments on 1 August 2019 and 1 September 2019. Failing direct repayment of the loan by Premier, Regent at its sole discretion may convert any percentage of a repayment within applicable share authorities into new Premier shares at a conversion price equal to 90 per cent. of the daily volume weighted average price (\"VWAP\") during the five days trading days immediately prior to the relevant repayment date.\nThe Loan Agreement is subject to normal events of default and the Company has provided a number of standard warranties and undertakings to Regent in respect of the Group. The Loan Agreement is secured over 350,000 shares of Circum Minerals Limited held by Premier.\nThe proceeds of the Loan Agreement will be used for to support the ongoing development and general working capital of the Company. \nThis announcement contains inside information for the purposes of Article 7 ...