Premier borrows £1.7m from its CEO to fund Zulu operations, working capital
Aim-listed Premier African Minerals has entered into an unsecured £1.7-million loan facility agreement with its CEO George Roach on July 20.
The loan will be used for general working capital purposes including funding ongoing operational expenses at Premier’s Zulu lithium and tantalum project, in Zimbabwe.
Premier can request a drawdown of the loan in two separate use requests, with the first being for £1-million and the second for the balance of the loan. Each use request will be repayable on the date falling six calendar months later.
Upon receipt of a use request, Roach will sell an equivalent holding of Premier ordinary shares under orderly market conditions until the amount of the use request has been realised. He will then inform the company of the average selling price of sale shares sold to fund the use request, including all related broker fees incurred during the selling of the sale shares.
The loan is repayable in new shares. Premier will repay each use request under the loan in full on the applicable repayment date by issuing to the lender with new shares equal to the amount of the loan due on the repayment date, divided by the floor price applicable to the sale shares which were sold to fund the use request.
If Premier is unable, for any reason, to issue the settlement shares by whatever means, repayment of the loan may be made in cash, plus compounded accrued interest at 8% a year from the date of the use request.
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