Share Name Share Symbol Market Type Share ISIN Share Description
Premier Afr 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
  +0.00p +0.00% 0.675p 0.65p 0.70p 0.725p 0.625p 0.675p 181,602,299.00 12:45:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.1 -5.3 -0.1 - 26.79

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Date Time Title Posts
26/2/201723:13Premier African Lithum/Tantulum/Tungsten1,370.00
26/2/201720:32Premier League score predictions 2,429.00
14/2/201711:47Program Trading40.00
11/2/201717:38Beware 800m shs to be issued82.00
07/2/201700:39Welcome to AIM listed Premier African Minerals4,562.00

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26/2/2017
08:20
Premier Afr Daily Update: Premier Afr is listed in the Mining sector of the London Stock Exchange with ticker PREM. The last closing price for Premier Afr was 0.68p.
Premier Afr has a 4 week average price of 0.60p and a 12 week average price of 0.39p.
The 1 year high share price is 1.15p while the 1 year low share price is currently 0.15p.
There are currently 3,968,644,358 shares in issue and the average daily traded volume is 200,722,152 shares. The market capitalisation of Premier Afr is £26,788,349.42.
15/2/2017
07:35
highly geared: This is one to stay in and review in 6 months when the share price could well be north of 2.5p. Everyone will have their targets but there,s enough there to justify a fair valuation 3 x current share price. If Prem gets to £100 million cap then funds may look to invest further supporting a sustainable longer term share price. All to play for, for the patient.
09/2/2017
07:37
mike_f: For any newbies looking to get an idea of where we are and what we have to come: Courtesy of Xulu on the lse board. PART ONE Headline news - Darwin are gone, brakes are finally off as seen at end of play. So let’s get the MCap and share price back to where it belongs. But where is that you wonder? Following figures based off 4 billion share cap. Current £/$ exchange rates. Facts and figures all based from official independent data, and RNS available for anyone to read. RHA - Cash positive from 28th February. 3 weeks away. After optimisation and ramp up during Q2, we start profits of $6m/y from July. This was based off a Tungsten price of $180mtu, our off-take with Noble is discounted to the current market price. Today Tungsten has risen 10% in Value to $193-198mtu. Our margin is $50/mtu - increasing to $60/mtu at these prices. Profits therefore now $7.2m/y at current price. Commodity boom cycle is starting again, whilst worldwide Tungsten production has shrunk in the low price environment. Most producers are making a loss at these prices. Therefore Tungsten set to strengthen throughout 2017 for further profit increases at RHA. $20m owed back to PREM for the development of RHA - all profits coming to PREM for many years. Using an initial PE of 10 - we get share price of 1.45p value. Mine industry average is PE25. We have a 40 year Life of Mine after RNS in 30th November and scope to expand further when the time comes. Once established in proven sustainable profits we can expect our RHA valuation to reflect the PE25 figure. This is 3.6p from RHA alone. Again, just at current Tungsten prices. Huge upside here, as Tungsten still sat at half its previous highs. Circum - RNS on 18th October and from the proactive article - has been valued at c$42m. This is 0.85p alone pay-off. RNS states and George said in the September Presentation available on youtube - that the license was all but signed. His mates run Circum and he was previously heavily involved with the company. Morgan Stanley have been employed for almost a year now to initiate the buyout. Just waiting for the Ethiopian government to sign off. Now the local state of emergency talked about in the RNS is over, should be soon. Again, c0.85p pay-off coming. TCT - Forestry - From the RNS 31st October - Projected $750k/y profit. Imminent income. Small but adds to RHA profit. Alone TCT is worth 0.21pps. In the future this could turn into promising Limestone deposit - only in early stages, so won’t attribute any value to it. I’m not going to add these up or give exact share price predictions and exact dates - But these are the financials, these are the timelines from RNS. Just facts and figures now that we’re debt free and clear of Darwin. And that’s before we talk about Zulu…. PART TWO So Zulu. Or should I say, Zulu Limited? Assays continue to rollout over the next couple of weeks, with an official resource statement end of February/early March. So far from the RNS’s, grades and extension continue to exceed targets. “Massive visible spodumene mineralisation over significant lengths� - spodumene is the pegmatite with the highest Lithium grades. Check out David Lenigas’s twitter feed today for pictures of our samples with that visible high-grade Lithium. The anticipated resource I calculated is based off the same consistency of discovery and SG established in the historic resource statement at Zulu, then extended over the strike length and depth as George suggested to do in the September Presentation on youtube. It is not simply a cubic volume. It’s not based off a comparison to BGS’s resource, but on the previous historic resource statement established for Zulu in the RNS. Ok? Cool. So what’s the anticipated resource target? From RNS 21st July: 4 years ago, historic resource statement at Zulu of 1.4mt Li2o at 1.4%. This was only on the assumed area at the time of 460m at 50m depth. Since then we have shown it extends over 3.5km and down to 200m depth. 7 times length extension, and 4 times depth extension. And higher grades. If it does indeed extend across this strike length and at these grades as the drill assays are currently proving, then from extrapolation we are looking at 39mt @ c1.7% average is 663k T Li20. The standard conversion to LCE is 2.473 - gives a resource of 1.64mT LCE. Lithium Carbonate contracts are going for $15000/t, with spot prices in China above $25000/t. industry experts such as Michael Langford and Joe Lowry forecast it settling above $10000 for the next decade at least. Check out their twitter feeds for the latest Lithium sector news. At $10000/t - This would give an in-situ value of our anticipated 1.64mt LCE of $16.4billion. With sky high margins to boot. Average cost for a hard-rock deposit in Australia is sitting around $4-5000 before Tantalum. We’ll be a under that by quite a way due to our higher grades, and being in Zimbabwe. Just to give you an idea of the anticipated profitability of Zulu once in production. This is why George now describes it as a ‘world-class deposit’. Because it really is. With exceptional high Tantalum grades to offset production costs. Lately RNS statements include quotes such as “this data supports our belief that Zulu is one of the best hard-rock Lithium exploration projects at this time�. “World-class resource of global significance�. 
This anticipated size is hinted at in PREM’s official tweet: They pointed at BGS’s buyout offer of $107m - then said - that puts Zulu into context. Next adding: And they ONLY have 15.5mt @ 1.48%. https://twitter.com/Premafrimin/status/816367888965763073 PART THREE Please note, as per PREM website, there is an additional strike mapped and trenched which now extends us upto a 5km strike. Also, a further strike to the North of an additional 2km which has had some initial drilling done. Only the initial 3.5km will be included in the resource statement. i.e there is huge upside to the resource figures to come down the line. A total strike of 7km… Tantalum - RNS 21st October - “significantly elevated Tantalum grades in all holes up to 706ppm�. Pilbara - PLS the one everyone is raving about on ASX - shipping raw Lithium concentrate to China - only has 132ppm tantalum, with only 1.26% Li2o. On the PREM website that extended strike to the North included Tantalum grades up to 1037ppm. Conflict-free Tantalum is going for a premium nowadays after a public backlash on the cheaply acquired DRC Tantalum used by Apple/Samsung etc. The 21st Oct RNS continues: “The tantalum grades are even more significant when compared to the bell-weather Pilgangoora Lithium-Tantalum deposit, which is currently being developed in Australia by Pilbara Minerals Ltd and has reported generally lower tantalum grades than the current Zulu results received to date in their latest reserve statement in August 2016. Pilbara Minerals report that their Proved and Probable Ore Reserve are 69.8 million tonnes grading 1.26% Li2O (Spodumene) and 132ppm Ta2O5. We eagerly await the lithium assays from the South African labs.� PLS is valued at $682m aud. They started just as we did, 2 years ago had a share price of 0.04aud - in one year, between their resource statement and during development studies peaked at 0.87aud. 21 bags in a year. Now understand we have better grades of Lithium, far better grades of tantalum, and far cheaper labour and construction costs in Zimbabwe. This is why people are lining up to meet with us at Indaba. They are looking at us and they see Pilbara with their A$682m mcap in 2 years time, only better. That’s what the future for Zulu is. Except we won’t see it. PREM is offloading Zulu asap. This is why we have 20 meetings lined up at Indaba. That’s why we employed David Lenigas to facilitate the buyout. George said in the September presentation on youtube, that they have had unsolicited approaches already from “numerous people, numerous times.� But in answer to a question said he turned them down because he wants to get this resource statement out, the one coming in a few weeks, to get fair value for the project. PART FOUR So we’ve seen what Zulu may be worth in 2 years time compared to the lesser Pilbara Minerals deposit. So what’s it worth now in a months time with just a resource statement? In terms of buyout offers - BGS is the most recent and used to highlight what’s happening in the industry right now. Not wild speculation, but hard firm offers from the Chinese. $107m aud for a 229kt Li20 resource. Yup. Compare that to our anticipated 663kt Li20. A dollar for dollar amount for contained Li20 would be $310m aud - £190m. Our current fully diluted mcap today after our rise at 0.575p will be c£23m. This represents 8.26x our current value tonight. Zulu Limited could be sold imminently in one of these 20 meetings we have lined up for a 4.75p pay-off. Again, this is based off current deals in the market, and a resource based off facts in the RNS. 
The BGS deal fell through because they had trouble investing the money outside China to certain countries through Chinese red tape. As I pointed out before, on 10th January 2017, Presidents of China and Zimbabwe met in Beijing in order to smooth and encourage investment into Zimbabwe. Zimbabwe is adopting the Chinese Yuan to facilitate this. hxxps://www.dailynews.co.zw/articles/2016/05/10/zim-formalises-yuan-adoption - hxxp://www.thezimbabwedaily.com/news/108280-president-mugabes-china-master-stroke.html I don’t want to be accused of wild ramping with my anticipated resource figures, or buyout calculations. This is all based off facts and figures that i’ve illustrated and provided links for. As a minimum, noone can deny that our deposit is bigger than BGS’s. So If it turns out that I’m drastically wrong and that by some total disaster we only have the same resource size as BGS - that $107m aud buyout would still give us a pay-off worth £66m, or 1.65p. But really, as each drill/assay result rolls in, it is only proving the higher anticipated resource worth 4.75p. I’ll bring you back to RHA - 1.45p in July rising to 3.6p once established proven profits. Circum - pay-off 0.85p anytime soon, and TCT - Forestry ops worth 0.21p. Just to remind you, the only reason we have this unique chance is because of the Tungsten price falling through 2 years ago, making RHA unprofitable at the time, forcing us to go to Darwin that has crippled this company. share price had fallen from 3.4p down to 0.2p because of them. Now Darwin are gone, RHA fully funded - the hope of it alone is what started this re-rate last Monday in the RNS. With unprecedented volume last week, absolutely relentless and sustained buying pressure - totalling the entire volume of last year - we’ve finally flushed Darwin out, with RHA fully funded and Zulu drilled - It’s time to recover lost ground. This is just my research. Please look through the numbers, read the RNS, watch the presentations, and make up your own minds.
04/2/2017
08:09
keya5000: Post this morning from Zulu on lse- good summary 💶💶💶💶 8182;🍾Ӿ70; SP projections: Based at share cap: With current $/£ exchange rates. RHA = $6m/y profit. 1.21p from July initially. PE10. Rising as we establish into profits to mining average PE25 = 3.02p. 40 year life of mine. Tungsten prices have already risen 10%, and set to continue so we can expect +30% more profit here due to our margins. Circum = One-off payment - broker calculates c$42m. -> 0.85p alone. TCT = 0.2p alone just from the forestry. Revenue imminent. But Zulu is the company maker....we are about to announce next month a resource that is a world-class deposit in the Lithium sector. A simple comparison to BGS's deposit n Mali who got $107m offer for their land with a resource only 1/3rd of our size indicates we could be looking at a very large pay-off. Even if PREM went for a quick distressed sell, at just the same price as the BGS deposit - this would equal a share price of 2.16p at our share cap. BGS also only had a resource statement. Keep in mind that the transaction fell through, and that company are still looking for a Lithium deposit! Why wouldn't they want our triple sized, better located resource for the same price? It'd be their lucky day if they managed to buy us for only $107m. If they gave us a dollar for dollar amount per tonne of contained Lithium? - You're talking $300m - equiv share price of 7.5p at share cap. Don't be mistaken. Zulu is a world-class Lithium resource, and we're proving it at the perfect time when Lithium prices are soaring and companies are scrambling to secure future supply. Indaba conference on Monday, and our big pitch is on Tuesday to the biggest mining/investment companies in the world. It's incredible publicity for us. Who knows who will invest/buy on the back of it... With official Darwin gone RNS coming out Mon/Tue too, and further Zulu assays - this next week is going to be transformational for the share price imo.
31/1/2017
15:53
ihavenoclue: RNS Number : 6395V Premier African Minerals Limited 31 January 2017 Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining For immediate release 31 January 2017 Premier African Minerals Limited ("Premier" or the "Company") Conversion of loan note and issue of equity 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 16 loan notes with an aggregate par value of GBP400,000 into equity ("Conversion Notice") in relation to the convertible loan note, as announced on 22 August 2016. The Conversion Notice was received in aggregate for GBP400,000 of the loan notes. The Company has therefore issued today 196,430,851 new ordinary shares to Darwin ("Darwin Shares") at an issue price of 0.203634p 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 6 February 2017. The Par Value outstanding on the remaining issued 67 loan notes is GBP1,675,000 after conversion today. 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 3,159,722,734 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.
22/8/2016
07:56
cpap man: Premier African Minerals Limited ("Premier" or the "Company") Loan Note Instrument Premier African Minerals Limited, the AIM-traded, multi-commodity resource and development company focused on Southern and Western Africa, is pleased to announce that the Company signed a subscription agreement ("Subscription Agreement") on 19 August 2016 for up to 140 Loan Notes for a gross value of up to £3,500,000. Subscription for the Loan Notes has been arranged by Darwin Strategic Limited ("Darwin"). Each Loan Note has a face value of £25,000 ("Par Value"). The Loan Notes are repayable at the rate of eight per month from 1 February 2017 and failing repayment, may be converted into new Premier ordinary shares ("Ordinary Shares") as explained under the Terms of the Loan Note. The Loan Notes will be issued across 3 issue dates ("Issue Dates"); the first 70 Loan Notes with a gross value of £1,750,000 being issued today ("Issue Date 1"), a further 35 Loan Notes with a gross value of £875,000 being issued at any time over the next 9 months ("Issue Date 2") and the remaining 35 Loan Notes with a gross value of £875,000 being issued at any time following the date falling 6 weeks after the Issue Date 2 up to the 1st year anniversary of Issue Date 1 ("Issue Date 3"). Issue Dates 2 and 3 are both at the discretion of Darwin. The net proceeds from the Loan Notes will be used to provide general working capital for the Company, and to support the exploration and development activities at the Zulu Lithium and Tantalum project ("Zulu") in particular. George Roach, CEO, commented: "This loan instrument removes any short term funding issues the company may have faced as RHA is fully optimised and ensures the rapid development of the exploration activities at the Zulu exploration tenements. In that regard, drilling is expected to commence in September 2016 and with in-house resource management and laboratory facilities at RHA, we expect a rapid and efficient turnaround from these exploration activities. This financing instrument means that there may be no dilution for shareholders due to the opportunity to repay the debt and hence avoid equity conversion. Whilst no future occurrence can be guaranteed, with, inter alia, an anticipated liquidity event from Circum, developments at RHA and the anticipated closing of the Mozambique acquisition there are reasonable prospects that repayments will be made rather than equity conversions. It is worth noting that failure to meet a repayment when due will not constitute an event of default, but rather a trigger, allowing the Note Holders the right to convert the notes as further described in this announcement." Terms of the Loan Notes For each £25,000 senior secured convertible loan note ("Loan Notes") issued, Premier will receive 90% of the Par Value, equivalent to £22,500 per Loan Note ("Issue Price"). The loan shall bear an interest of 16% per annum payable in cash monthly in arrears and calculated on the aggregate Issue Price of the Loan Notes issued. The Company will prepay a minimum of 6 months' interest on the Issue Date 1 and in the event that an amount of Loan Note is converted into equity during the first 6 months, then the prepaid interest will be deducted from future interest payments as they fall due in relation to other outstanding Loan Notes. The Loan Notes will redeem after a period of 12 months from the date of the Subscription Agreement, unless otherwise repaid or converted. The Company has provided a number of warranties to Darwin in respect of the Group. From 1 February 2017, each month Premier will redeem 8 Loan Notes in cash at a price equal to 105% of Par Value, amounting to £26,250 per Loan Note ("Amortisation Payment"). In the event that the Company fails to make the Amortisation Payment on the due date, Darwin may elect to convert up to 12 Loan Notes at 105% of Par Value into new Ordinary Shares at the conversion price of 90% of the arithmetic average of the volume weighted average share price per Ordinary Share for the five consecutive trading days selected by Darwin during a ten trading day period preceding conversion ("Conversion Feature"). In addition, the Loan Notes have certain conversion triggers that, for as long as the relevant event remains in breach and for 2 trading days after the breach has been rectified or remedied, the Loan Notes will have the right to convert into equity at 100% of Par Value on the terms of the Conversion Feature ("Conversion Triggers"). The Conversion Triggers are as follows: · The Ammonium para-tungsten (APT) price as quoted by Metal Bulletin Board on two consecutive Fridays (or if such price data is not available the nearest practical date which shall first be immediately preceding day as to the day with no available data) is at or quotes below $160 per metric ton unit (mtu) or such lower price may be mutually agreed between the Company and Darwin; · The tungsten trioxide (WO3) percentage contained in the Company's monthly production is below 60 per cent; · Outstanding Loan sums (including accrued and unpaid interest) being in excess of 20% of the Company's market capitalisation for five consecutive trading days. For the period commencing on the start date of this Subscription Agreement and expiring on the twentieth trading day thereafter, Darwin shall not be able to exercise any conversion/holder redemption pursuant to this soft trigger event. Further, in the event that either of the below triggers are breached the Loan Notes shall have conversion rights into Ordinary Shares at 100% of Par Value at any time through their term: · The TCT Industrial Florestais Limitada transaction not having closed on or by 1 November 2016; · The issue of any Loan Notes other than the Issue Date 1 Loan Notes. In addition to the other redemption rights, the Loan Notes are redeemable in the event of a change of control of Premier or the occurrence of an event of default in cash at 120% of the Par Value plus accrued but unpaid interest for as long as any Loan Note remains in issue. Furthermore, the Company together with the holders of the Loan Notes and George Roach have entered into a put option agreement ("Put Option") over the Company's shareholding of 2 million shares in Circum Minerals Limited ("Circum") at a price of US$2 per share (the "Circum Shares") or such higher value as cited in the Company's latest Annual Report, in order to provide security for the Loan Notes. The Put Option is a related party transaction for the purposes of the AIM Rules. The Board of Premier, other than George Roach, have not participated in the Put Option and are therefore independent under the AIM Rules for the purposes of considering the Put Option (the "Independent Directors"). The Independent Directors consider, having consulted with the Company's nominated adviser, that the terms of the Put Option are fair and reasonable insofar as the Company's shareholders are concerned. Darwin has also been issued with warrants equal to 30% of the aggregate Par Value of the Loan Notes issued on each relevant Issue Dates with the right to purchase 1 newly issued Ordinary Share for each warrant. The warrants have an exercise price of 125% of the initial market price, equivalent to 0.8437 pence and can be exercised within 3 years (and 7 days) of the Issue Date. As of the date of this announcement, Darwin have been issued with 77,777,778 warrants in respect of Issue Date 1. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
23/2/2016
15:47
theoriginalyoda: Rns.... Conversion of loan notes again! Please Note - Streaming News is only available to subscribers to the Active Level and above Conversion of loan note and issue of equity RNS RNS Number : 9145P Premier African Minerals Limited 23 February 2016 Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining For immediate release 23 February 2016 Premier African Minerals Limited ("Premier" or "the Company") Conversion of loan note and issue of equity 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 13 loan notes with an aggregate value of £325,000 into equity ("Conversion Notice"). The loan notes have been used to part fund the re-opening of underground operations at RHA Tungsten (Private) Limited ("RHA"), Premier African Mineral's tungsten project located in Zimbabwe and for general working capital purposes. Premier is the operator of RHA and holds a 49% interest. Premier, at its election, has the right to redeem one or all of the outstanding loan notes in cash at 105% of Par Value (equivalent to £26,250 per loan note). Should Premier not redeem any loan notes during any one month, Darwin may elect to convert up to 7 loan notes at 105% of Par Value into new Ordinary Shares in Premier at the conversion price, being the lesser of the subscription issue price or 90% of the arithmetic average of the five daily volume weighted average share price per Ordinary Share preceding conversion. Darwin has converted its 7 loan notes for February 2016 (as previously announced on 18 February 2016 and 16 February 2016). In addition, the loan notes have certain conversion triggers that enable Darwin to convert the loan notes at 100% of Par Value. As announced on 15 September 2015, Darwin reduced the conversion trigger price of APT from $230 to $130 per mtu until 31 December 2015. As the current price of APT remains below the trigger price of $230 per mtu, Darwin has elected to convert an additional 13 loan notes at 100% of Par Value (£325,000) at the conversion price of 0.542592p. The Conversion Notice was therefore received in aggregate for £325,000 of loan notes issued in April 2015. The Par Value outstanding on the loan notes is £200,000 after conversion today. The Company has therefore issued today 59,897,676 new Ordinary Shares to Darwin ("Darwin Shares") at an issue price of 0.542592p. The Darwin Shares will rank pari passu in all respects with the existing ordinary shares. Application will be made for the New Shares to be admitted to trading on AIM and admission is expected to take place on or around 29 February 2016. Following the issue of the New Shares, the Company's issued share capital consists of 1,602,686,995 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.
05/6/2015
08:35
liquid millionaire: Now that GAP has been closed the circa 3p area is offering very decent supoort chart wise to PREM plus the opportunity for some consolidation prior to the no doubt continued rise in the PREM share price to some 10p+
03/6/2015
08:03
liquid millionaire: Yes ryan83 i remember fondly those days when it was just you and me on this PREM thread but then to be fair the PREM share price is now well on the way to 10p+
29/4/2015
06:44
liquid millionaire: Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining For immediate release 29 April 2015 Premier African Minerals Limited ("Premier" or "the Company") Loan Note Instrument Premier African Minerals Limited, the AIM-traded, multi-commodity resource and development company focused on Southern and Western Africa, is pleased to announce that the Company signed a subscription agreement ("Subscription Agreement") on 28 April 2015 for 66 Loan Notes for a gross value of £1,650,000. Each Loan Note has a face value of £25,000. The Loan Notes are repayable at the rate of seven per month from the 1st October 2015, and failing repayment, may be converted to Premier shares at 90% of the then ruling market price. Subscription for the Loan Notes has been arranged by Darwin Strategic Limited (Darwin). The Loan Notes will be issued in three tranches, the first 18 Loan Notes ("Tranche 1") being issued today, a further 30 Loan Notes being issued on 3 May 2015 ("Tranche 2") and the remaining 18 Loan Notes being issued on 1 June 2015 ("Tranche 3"). The issuance of Tranches 2 and 3 are conditional on certain milestones being met. The net proceeds from the Loan Notes will be used to fund the development of RHA Tungsten (Private) Limited ("RHA"), Premier's flagship Tungsten Project located in Zimbabwe. Premier is the operator of RHA and holds a 49% interest. George Roach, CEO, commented: "RHA Tungsten is now fully funded into production based on current budgets. The most encouraging aspects of this financing instrument are that there is no shareholder dilution at this time, a real opportunity to repay debt and in so doing, avoid any equity conversion and at the same time, any failure to meet a repayment when due will not constitute a default, but rather a trigger affording a right for Note Holders to convert the notes due at that time only to equity at 90% of the then ruling share price. " Terms of the Loan Notes For each £25,000 Senior Secured Convertible Loan Note issued, Premier will receive 85% of the Par Value, equivalent to £21,250 per Loan Note. The Loan Notes will redeem after a period of 18 months from the date of the Subscription Agreement, unless otherwise repaid or converted. The Company has provided a number of warranties to Darwin in respect of the Group. The issue of Tranches 1 to 3 under the Subscription Agreement is subject to certain conditions, including no material breach of warranties and the achievement of a number of milestones as follows: · Tranche 1 (aggregate Par Value of £450,000) - on signing of the Subscription Agreement. · Tranche 2 (aggregate Par Value of £750,000) - on 3 May 2015 subject to confirmation in a form satisfactory to Darwin from Appropriate Process Technologies, the manufacturer of the process plant, that the process machinery and equipment for the RHA Tungsten mine is ready for shipment. · Tranche 3 (aggregate Par Value of £450,000) - on 1 June 2015 subject to the Company demonstrating to Darwin's satisfaction that the process plant and equipment for the RHA Tungsten mine has been delivered to the mine site and has assembled and commissioned. From 1 October 2015, each month Premier will redeem 7 Notes in cash at a price equal to 105% of Par Value, amounting to £26,250 per Loan Note ("Amortisation Payment"). In the event that the Company fails to make the Amortisation Payment on the due date, Darwin may elect to convert up to 7 Loan Notes at 105% of Par Value into new ordinary shares in the capital of Premier ("Ordinary Shares") at the conversion price of 90% of the arithmetic average of the volume weighted average share price per Ordinary Share for the five consecutive trading days preceding conversion ("Conversion Feature"). In addition, the Loan Notes have certain conversion triggers that, for as long as the relevant event remains in breach, the Loan Notes will have the right to convert into equity at 100% of Par Value on the terms of the Conversion Feature ("Conversion Triggers"). The Conversion Triggers are as follows: · The process plant is not producing by 1 July 2015. · The APT price as quoted by Bloomberg for five consecutive trading days is at or below $230 per mtu or such lower price as may be mutually agreed between the Company and Darwin subject to the Company securing sales contracts or off-take contracts at discounts less than 35 per cent. of the spot price. · The WO3 percentage contained in the Company's monthly production is below 60 per cent. In addition to the other redemption rights, the Loan Notes are redeemable in the event of a change of control of Premier or the occurrence of an event of default in cash at 120% of the Par Value. As long as any Loan Note remains in issue, the Company may not make any repayment of or convert into Ordinary Shares any amounts owed to George Roach under the existing Working Capital Facility or Bridge Facility provided by George Roach to the Company. The Loan Notes are secured by a fixed and floating charge over the assets of the Company. Furthermore, the Company together with the holders of the Loan Notes and George Roach have entered into a put option agreement ("Put Option") over the Company's shareholding of 2 million shares in Circum Minerals Limited ("Circum") at a price of $1 per share (the "Circum Shares"). In the event of a default by the Company under the terms of the Loan Notes, George Roach will be required by the Company to purchase its entire holding of Circum Shares for $2 million in cash, the proceeds of which will be used to settle any outstanding Loan Notes. The Put Option is a related party transaction for the purposes of the AIM Rules. The Board of Premier, other than George Roach, have not participated in the Put Option and are therefore independent under the AIM Rules for the purposes of considering the Put Option (the "Independent Directors"). The Independent Directors consider, having consulted with the Company's nominated adviser, that the terms of the Put Option are fair and reasonable insofar as the Company's shareholders are concerned. Darwin has also been issued with warrants to subscribe for 16,673,684 new Ordinary Shares at an exercise price of 2.96875 pence per new Ordinary Share. The warrants can be exercised within 3 years (and 7 days) of their issue.
13/10/2014
12:39
dr9980: Is $PREM share price undervalued? http://uk.communifin.com/group/premier-african-minerals/post/1764.htm
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