We amended all of the existing Agreements removing minority interests and “Earn In” Agreements.All Exploration Properties are now 100% owned and controlled directly by Premier.Holders of existing PIK Notes totaling $2 million disposed of the same to an Investment Group. They will be converted into interest free and unsecured long term liabilities.
Holders of existing Convertible Loan Notes totaling $6 million disposed of the same to the same Investment Group. They will be converted into interest free and unsecured long term liabilities.
Given that 88% of the Company’s outstanding Common Stock are subject to a five year “lock up” which have 3 years remaining and coupled with a very small DTC “free float”; our intention is to increase our “free float” in a reasonable manner and subject to the willingness of Convertible Loan Note Holders to convert. To that end; we have just managed to secure the support of one Note Holder which should result in increased liquidity in the trading of our stock and hopefully start to eliminate wild stock price movements on tiny trading volumes.
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