African Pioneer has issued a drawdown notice for £250,000 (N$5,6 million) under its unsecured convertible loan funding to advance its projects in Zambia, Namibia, Botswana, and Zambia.
The company entered into an unsecured convertible loan funding facility agreement for up to £1,000,000 with Sanderson Capital Partners on May 1, 2024.
The facility can be drawn down in 4 tranches of £250,000, each repayable in 12 months and convertible by the lender at 2.8 pence per share.
African Pioneer’s principal business is to explore opportunities within the natural resources sector in Sub-Saharan Africa, focusing on base and precious metals, including but not limited to copper, nickel, lead, and zinc.
The company is incorporated and registered on the Isle of Man, with current operations confined to Botswana, Namibia, and Zambia.
African Pioneer owns Zamcu Exploration, a 70% shareholder in Manmar Investment 129, which holds the Ongombo project.
The company also has a 70% shareholding in Manmar Investments 136, which holds the Ongeama project.
