adminMULTI-COMMODITY development company Premier African Minerals has produced the first coarse-grade wolframite concentrate at its flagship RHA tungsten project (RHA), in Zimbabwe, with fine concentrate production expected in the coming days, the company said.
“Following the achievement of this milestone on time, fine tuning and optimisation is ongoing and we look forward to achieving our next milestone of first shipments in the near future,” chief executive officer George Roach said.
The company said the mine’s process plant and equipment had been delivered to site in Hwange District in Matabeleland North.
The equipment has been assembled and commissioned, activating the release of the final £450,000 tranche of its loan agreement with Darwin Strategic, it said.
Last week the company received a notice of exercise by Darwin to convert the remaining £600,000 zero-coupon senior unsecured convertible loan notes into equity.
The conversion of the notes was at the maximum price possible under the agreement, at 1.35p per new ordinary share.
On Friday last week Premier issued 44-million new ordinary shares to Darwin.
This conversion settled the remaining February loan notes outstanding under the first financing entered into with Darwin in February and there were, therefore, no February notes currently outstanding with Darwin.
The April loan notes, amounting to £1.65-million, were repayable from October 1 at the rate of seven notes in cash a month at a price equal to £26,250 a note.
Failing repayment, these may be converted to Premier shares at 90 percent of the then ruling market price. – Miningweekly.
derick.khumalo