Aim-listed Premier African Minerals (Pam) has entered into a loan agreement with a company, owned by a trust of which its CEO George Roach is a beneficiary, for a gross value of $300 000.
The loan will provide additional general working capital, while the company looks to bring finality to the negotiations currently under way at the Zulu lithium and RHA tungsten projects, in Zimbabwe.
Premier will repay the entire loan within five days following the 60-day maturity of the loan, and has agreed not to draw down against any equity or equity-linked financing facilities until the loan is repaid.
Premier has a diverse portfolio of projects, which include tungsten, rare-earth elements, lithium and tantalum in Zimbabwe.