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(Sharecast News) - Premier African Minerals announced on Thursday that it has raised £1.38m to support development work at its Zulu lithium and tantalum Project in Zimbabwe, issuing six billion new ordinary shares at 0.023p each through a direct subscription.
The AIM-traded company said proceeds would be used to continue refining and optimising the primary flotation plant, fund work on a potential alternative spodumene float plant pending a review announced on 20 August, cover certain operating expenses and debt settlements, and provide general working capital.
"We are very pleased to have completed this capital raise at a price representing a significant premium to our last funding round, and see this as clear recognition of the progress we are making," said chief executive George Roach.
The subscription shares were expected to be admitted to trading on AIM on or around 28 August, after which Premier's issued share capital would total 83.67 billion ordinary shares with voting rights.
At 1253 BST, shares in Premier African Minerals were down 2.46% at 0.03p.
Reporting by Josh White for Sharecast.com.
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