Business
Convertible Loan Agreement
Convertible Loan Agreement.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3494I Premier Gold Resources PLC 02 July 2013 \n\nEmbargoed: 0700hrs 2 July 2013\n \nPremier Gold Resources plc\n(\"Premier Gold\" or the \"Company\")\n \nPremier Gold raises £1 million to advance work programme\n \n· Convertible loan note for £1 million from new institutional investor\n· Company plans to advance exploration programme at Cholokkaindy gold licence in Kyrgyz Republic\n· Targeting maiden resource in 2013\n \nPremier Gold (AIM: PGR), the Central Asia-focused gold exploration and development company, is pleased to announce that it has entered into a convertible loan agreement (the \"Convertible Loan\") with Tridevi Capital Partners (I) L.P. (\"Tridevi Capital\") for the provision of £1 million to advance the Company's exploration programme at the Cholokkaindy gold licence in the Kyrgyz Republic.\n \n2013 Work Programme\n \nWith the 2013 exploration window approaching, the Convertible Loan will allow Premier Gold to ramp up exploration activity at Cholokkaindy, supporting the Company's operational focus on carrying out the necessary work to establish a maiden gold resource by the end of this year. In order to do so, the Company needs to assess the three dimensional picture of the mineralisation at Cholokkaindy through drilling for the first time; as well as conducting further trenching work and soil sampling to upgrade, extend and infill the known areas of mineralisation. \n \nTerms of the Convertible Loan\n \nThe Convertible Loan will be received by Premier Gold in four equal quarterly tranches over the next twelve months. The Convertible Loan has a five year term and accrues annual interest at a rate of ten per cent which can be paid by the Company in shares or in cash upon redemption or maturity. Tridevi Capital may elect, at any time after 1 January 2014, to convert any utilised Convertible Loan into Ordinary Shares in Premier Gold at a price of 0.2 pence per Ordinary Share (equivalent to yesterday's closing mid-price). In the event that Tridevi Capital elects to convert any portion of the Convertible Loan, it has agreed not to dispose of those shares for at least twelve months from Premier Gold's receipt of each tranche of funds corresponding to the converted shares.\n \nCom...