Canmax converts accrued interest into Premier African Minerals shares

(Sharecast News) - Premier African Minerals announced on Wednesday that Canmax Technologies has elected to convert £0.69m of accrued interest under its existing offtake and prepayment agreement into equity. The AIM-traded firm said the conversion was in line with the terms of an addendum to the agreement announced last December.

As a result, Premier said it had issued 5.74 billion new ordinary shares to Canmax at a price of 0.012p per share, matching the issue price of its recent direct subscription completed in June.

The new shares would rank pari passu with existing ordinary shares, with admission to trading on AIM expected on or around 8 July.

Following the issue, Premier's total issued share capital would consist of 76.01 billion ordinary shares with voting rights.

At 1108 BST, shares in Premier African Minerals were down 5.47% at 0.01p.

Reporting by Josh White for Sharecast.com.