Premier secures $250 000 bridging loan facility
JOHANNESBURG (miningweekly.com) – Aim-listed multicommodity exploration and development company Premier African Minerals has entered into a $250 000 bridging loan facility with its chairperson and CEO George Roach.
The funding would be used for the ongoing construction of the company’s 49%-owned RHA Tungsten project, in Zimbabwe, as well as for working capital purposes.
The facility, together with any accrued interest, would become repayable by Premier as soon as the final funding had been secured for the construction of the RHA Tungsten project.
Premier reported earlier this week that it had been granted permission to operate the mine, following the approval of the project’s environmental-impact assessment by the Environmental Management Agency of Zimbabwe.
Production at the project, which was being developed at a cost of $4.15-million, would start in June. It was expected to process 8 000 t/m of run-of-mine ore and produce, on average, 92 t/m of concentrate at 63% tungsten trioxide over a 22-month period.
Meanwhile, Premier and Roach had also agreed to repayment and conversion terms of a $766 692 outstanding loan provided by Roach to the company as a working capital facility.
This facility, together with any accrued interest, would become repayable by the company as soon as all other third-party indebtedness had been repaid in full or with the prior consent of all third-party lenders.
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