Premier African Minerals has issued new ordinary shares in lieu of fees owed to current and former non-executive directors, Afmine and a consultant.
Non-executive directors John Ian Stalker and Michael Foster have received 20,308,640 and 5,454,545 respectively in lieu of fees of £55,848.76 and £15,000.00.
In addition, the Company has issued today a further 5,454,545 Ordinary Shares to Neil Herbert, a former non-executive director of the Company who retired from the Board in April 2016, also at the Issue Price, in respect of outstanding director fees of £15,000.
In aggregate therefore the total number of new Ordinary Shares issued to Michael Foster, John Ian Stalker and Neil Herbert amounts to 31,217,730 new Ordinary Shares, representing 1.5 per cent. of the current issued share capital of the Company.
The company also issued 19,213,580 new Ordinary Shares at a price of 0.3162 pence per new Ordinary Share to African Mining and Exploration (“Afmine”), the principal mining contractor at RHA Tungsten (Private) Limited for services rendered in relation to ongoing mining operations as detailed in the announcement dated 5 October 2016.
In addition, the Company issued today a further 7,272,727 new Ordinary Shares at an issue price of 0.275 pence per new Ordinary Share to a consultant in full and final settlement of fees of £20,000 due on the completion of the acquisition of TCT Industrias Florestais Limitada.
Chief executive George Roach said:: “My appreciation and thanks to our directors for their willingness to accept fees in this form. Also for their stated intentions to hold these shares, which is a clear expression of confidence in our longer term future. I note that Directors collectively hold a significant position in Premier.”
At 3:52pm: (LON:PREM) Premier African Minerals share price was 0p at 0.28p
Story provided by StockMarketWire.com