Premier African Minerals Raises £550,000 to Fund Zulu Lithium Project Operations in Zimbabwe
London-listed Premier African Minerals has raised approximately £550,000 before expenses through a share subscription to support ongoing operations at its Zulu lithium and tantalum project in Zimbabwe.
The company issued four billion new ordinary shares at £0.014 each as part of the fundraising.
Premier African Minerals MD Graham Hill said the funds would provide important working capital for the company and help sustain mining and stockpiling activities at Zulu.
Following its latest operational update, the company said its board remains focused on maintaining continuity across Premier and the Zulu project while discussions continue with Canmax Technologies over an extension to the long-stop date of their prepayment and offtake agreement.
Hill said the company remains committed to advancing Zulu towards sustained production and commercial operations.
He added that the new funding would support ongoing activities and preparations for the next production and optimisation campaign once a revised operating timetable has been agreed.
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