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Premier secures $350 000 loan

21st June 2019

By: Marleny Arnoldi

Online News Editor

     

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Aim-listed Premier African Minerals on Friday announced it had entered into a $350 000 loan and subscription agreement with Regent Mercantile Holdings.

Should Premier fail to repay the loan in two equal payments on August 1 and September 1, Regent may convert any percentage of repayment into new Premier shares at a conversion price equal to 90% of the daily volume weighted average price.

The loan agreement is secured over 350 000 shares of Circum Minerals. Premier holds about five-million shares in Circum, which owns the Danakil potash project, in Ethiopia.

Premier will use the funds to advance its RHA tungsten and its Zulu lithium projects, in Zimbabwe.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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