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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Premier African Minerals Limited | LSE:PREM | London | Ordinary Share | VGG7223M1005 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0035 | 1.85% | 0.1925 | 0.19 | 0.195 | 0.195 | 0.1875 | 0.19 | 101,621,067 | 12:16:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Minrls,earths-ground,treated | 0 | -5.36M | -0.0002 | -9.50 | 43.39M |
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) ------------------ --------------------------- ----------------- Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207 Mansfield Limited 408 4090 ------------------ --------------------------- ----------------- Jon Belliss Beaufort Securities Tel: +44 (0) 20 Limited 7382 8300 ------------------ --------------------------- ----------------- Charles Goodwin/ Harriet Jackson/ Yellow Jersey PR Tel: +44 (0) 754 Dominic Barretto Limited 427 5882 ------------------ --------------------------- -----------------
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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(END) Dow Jones Newswires
February 07, 2017 04:34 ET (09:34 GMT)
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