Funding
The Board of Premier African Minerals Limited is pleased to announce a subscription today to raise £1,380,000 before expenses at an issue price of 0.023 pence per new ordinary share (“Issue Price”) for the Zulu Lithium and Tantalum Project (“Zulu”).
Premier’s principal priority and the basis of this funding are firstly, to fund ongoing refining and optimising of the Primary Flotation Plant, secondly to provide funding for the alternative spodumene float plant should this proceed pending the review as announced on 20 August 2025, thirdly to part fund certain operating expenses and debt settlements while the negotiations outlined in the previously announced non-binding letter of interest (see announcement dated 20 August 2025) are concluded and lastly, towards general working capital for Premier (“Use of Funds”).
George Roach, CEO, commented, “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”.
Subscription
Premier has today issued by way of a Company arranged direct subscription (“Subscription”), conditional on admission, 6,000,000,000 new ordinary shares of nil par value (“Subscription Shares”) at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. The Subscription of 6,000,000,000 new ordinary shares has been arranged within the Company’s existing share authorities. Premier intends to use the proceeds of the Subscription Shares as set out above in the Use of Funds.
Admission
Application is being made for the Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 28 August 2025.
Total Voting Rights
Following the issue of the Subscription Shares, the Company’s issued share capital consists of 83,674,775,980 Ordinary Shares, with voting rights.
This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
The person who arranged the release of this announcement on behalf of the Company was George Roach.
A copy of this announcement is available at the Company’s website, www.premierafricanminerals.com.
Enquiries:
|
George Roach |
Premier African Minerals Limited |
Tel: +27 (0) 100 201 281 |
