Premier African Minerals Limited Conversion of last loan notes and issue of equity (2210W)
07 February 2017 - 8:34PM
UK Regulatory
TIDMPREM
RNS Number : 2210W
Premier African Minerals Limited
07 February 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
7 February 2017
Premier African Minerals Limited
("Premier" or the "Company")
Conversion of last remaining loan notes, issue of equity and
Darwin debt free status
Premier African Minerals Limited, the AIM-traded,
multi-commodity mining and resource development company focused on
Southern and Western Africa, announces that it has received a
notice of exercise by Darwin Capital Limited ("Darwin") to convert
the remaining 27 loan notes with an aggregate par value of
GBP675,000.00 into equity ("Conversion Notice") in relation to the
convertible loan note, as announced on 22 August 2016.
All Darwin loan notes are now converted and there is no longer
any debt owed to Darwin as of this conversion notice.
The Conversion Notice was received in aggregate for
GBP675,000.00 of the loan notes the Company has therefore issued
today 317,844,496 new ordinary shares to Darwin ("Darwin Shares")
at an issue price of 0.212368p per Darwin Share. The Darwin Shares
will rank pari passu in all respects with the existing ordinary
shares. Application will be made for the Darwin Shares to be
admitted to trading on AIM and admission is expected to take place
on or around 13 February 2017. Terms of the loan notes, including
redemption and conversion, were set out in the announcement dated
22 August 2016.
Following the issue of the Darwin Shares, the Company's issued
share capital consists of 3,968,644,358 ordinary shares, with
voting rights. This figure may be used by shareholders in the
Company as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
------------------ --------------------------- -----------------
Michael Cornish Beaumont Cornish Tel: +44 (0) 207
/ Roland Cornish Limited 628 3396
(Nominated Adviser)
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207
Mansfield Limited 408 4090
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Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
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Charles Goodwin/
Harriet Jackson/ Yellow Jersey PR Tel: +44 (0) 754
Dominic Barretto Limited 427 5882
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Notes to Editor
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused in Southern and Western Africa with production started at
its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, gold, lithium and tantalum in
Zimbabwe and Benin, encompassing brownfield projects with near-term
production potential to grass-roots exploration. The Company
recently acquired a 52% controlling stake in Mozambique-based TCT
Industrias Florestais Limitada, which owns a substantial limestone
deposit and forestry business located on rail in the Sofala
Province of Mozambique. In addition, The Company holds 2 million
shares in Circum Minerals Limited ("Circum"), the owners of the
Danakil Potash Project in Ethiopia, which has the potential to be a
world class asset. At present those shares are valued at US$4
million based on the latest price at which Circum has accepted
subscriptions. Premier also has a 4.5% interest in Casa Mining
Limited, a privately-owned exploration company that has a 71.25%
interest in the 1.2 million ounce inferred resource Akyanga gold
deposit in the DRC.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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