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Premier African CEO increases company's working capital facility

14th November 2013

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Aim-listed multi-commodity company Premier African Minerals on Thursday announced that the terms of additional funding to be provided by its chairperson and CEO George Roach had been finalised.

Premier said in May that Roach would increase his working capital facility to the company from £300 000 to not less than £600 000.

To date the company had drawn down £200 000 of the additional funds to finanace additional exploration activity being undertaken at its flagship RHA tungsten project in Zimbabwe, as well as further selected infill drilling and metallurgical testwork, and the provision of additional general working capital.

Premier stated that the conversion price for any additional drawings under the increased facility, which Roach subsequently elected to convert into new ordinary shares, would be set by reference to the then most recent fundraising.

The company was also actively engaged in discussions with potential offtake partners and funders with the objective of securing the necessary funding for the development of the RHA tungsten mine by the end of 2014.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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