LONDON – Premier African Minerals has tied up another tranche of financing for its RHA tungsten mine in Kamativi, Matabeleland North.
Former associate AgriMinco has agreed an unsecured loan facility of up to $250,000, repayable or convertible into Premier African shares in 24 months.
Premier African bought the Danakil potash project from Agriminco last year, which it then sold to private company Circum for $5mln in cash and $1.4mln in shares.
Premier has agreed not to request repayment of historic amounts it is owed by AgriMinco of C$219,000 prior to repayment or conversion of the loan facility.
The company recently also agreed a $250,000 bridging loan with chairman and chief executive George Roach to help fund the final stages of construction of the processing plant at RHA.
RHA is expected to begin production next month. – Proactive Investors