Premier African Minerals Ltd (AIM: PREM) announced today that it has reached an agreement with its CEO, George Roach, to receive a loan of up to £1.7 million.
This short-term financial boost helps alleviate some stress on the company, currently embroiled in a disagreement with its partner, Canmax, allowing operational continuity while corporate issues are resolved.
Roach plans to distribute the funds in two distinct instalments, with the first one amounting to £1 million.
The loan is subject to an 8% annual interest and has the provision to be converted into shares.
The Loan will be used for general working capital purposes including funding ongoing operational expenses at Zulu Lithium and Tantalum Project.
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