Darwin Converts More Debt into Premier African Shares

  • Friday, February 19, 2016
  • Source:ferro-alloys.com

  • Keywords:Tungsten
[Fellow]Premier African Minerals has been notified that financier Darwin has converted a nine loan notes worth £232,500 into equity.
Premier African Minerals has been notified that financier Darwin has converted a nine loan notes worth £232,500 into equity. 
 
The loan notes were used to fund the re-opening of underground operations at RHA Tungsten in Zimbabwe and for general working capital purposes.
 
Premier is the operator of RHA and holds a 49% interest. 
 
As the current price of tungsten concentrate remains below the trigger price of $230 per mtu Darwin elected to convert an additional three of its outstanding loan notes.
 
The par value outstanding on the Darwin loan notes is £700,000 after this conversion.
 
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  • [Editor:Sophie]

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