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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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