Premier African Minerals Raises £1m as It Moves Zulu Lithium Project Toward Commercial Production
London-listed Premier African Minerals has announced a £1-million capital raise through a subscription priced at £0.03 per new ordinary share.
The company will also settle approximately £140 000 in outstanding supplier invoices and employee salaries by issuing new ordinary shares at the same price.
As part of the transaction, around 3.3-billion new shares will be issued to subscribers, while a further 493-million shares will be issued to settle liabilities.
The funds raised will primarily be used to complete the purchase of a flotation cell plant manufactured by Xinhai Technology Processing.
The installation of this plant is aimed at enabling Premier’s Zulu lithium and tantalum project in Zimbabwe to achieve commercially acceptable production grades and recovery levels.
In addition, the company will allocate part of the proceeds to ongoing operating expenses at the Zulu mine, including costs associated with installing the flotation plant and managing existing creditors.
Premier managing director Graham Hill said the subscription will allow the company to progress the Zulu project to commercial production “in the shortest possible time.”
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