Premier African Minerals Limited has raised £1m before expenses through a share subscription priced at 0.03p per new ordinary share, with proceeds earmarked to advance its Zulu Lithium and Tantalum Project.
In addition, £0.14m of supplier invoices and outstanding former director salaries were settled through the issue of new shares at the same price.
The company said the funding will primarily be used to acquire a 15–20 tonnes-per-hour flotation cell plant from Xinhai Technology Processing EPC, aimed at improving production grades and recovery rates. Remaining funds will support operating costs and creditor management during the plant’s installation period.
Following the share issues, Premier African Minerals’ total issued share capital stands at 13,316,454,605 ordinary shares.
Graham Hill, Managing Director, commented, “I am delighted that we have been able to progress with this subscription to enable us to advance the project to install the new flotation plant. I am confident this will provide Zulu with the opportunity to progress to commercial production in the shortest possible time. I would like to thank the whole team for staying focussed on the needs of the Company and the future of Zulu”.
A copy of this announcement is available at the Company’s website, www.premierafricanminerals.com.
Enquiries:
|
Graham Hill |
Premier African Minerals Limited |
Tel: +27 (0) 100 201 281 |
