BVI-registered company Premier African Minerals Limited announced that on 4 June 2018 it entered into a loan with a company owned by a Trust beneficially owned by BVI company’s director, for a gross value of US$300,000. Premier African Minerals is multi-commodity mining and natural resource development company focused on Southern Africa and having projects in Zimbabwe.
The loan is non-interest bearing and has a maturity of 60 days. The entire amount of the loan will be repaid by the company, including all fees within five days following the maturity of the loan. The loan is not convertible, it does not include share-based repayment or warrants. It also carries an implementation fee of US$15,000 (5%) and a redemption fee of US$15,000 (5%).
Premier African Minerals will not draw down against any equity or equity linked financing facilities, until the repayment of the loan. The loan is secured against company’s 6,128,822 shares in ARC Minerals Limited.