Premier African Minerals Limited (AIM: PREM) after receiving further institutional interest following the funding announced on 15 May 2023, a further placing to raise £610,000 before expenses at an issue price of 0.925 pence per new ordinary share (“Placing Price”) for the ongoing Zulu Lithium and Tantalum Project (“Zulu”) Pilot Plant optimisation.
Placing
Premier has today issued by way of a placing (“Placing”), conditional on admission, 65,945,946 new ordinary shares of nil par value (“Placing Shares”) at the Placing Price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc (“CMC Markets”), acted as the Company’s sole placing agent in respect of the Placing.
George Roach, Chief Executive Officer, has agreed to participate in the placing at the Placing Price by way of a subscription of £110,000 as set out in the table below:
Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 25 May 2023.
The Placing has been arranged within the Company’s existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.
The disapplication of the pre-emptive rights approved by shareholders on the 21 May 2021 lapses on 21 May 2023.
Further details are set out in the appendix.
Appointment of joint broker
The Company has today appointed CMC Markets as joint broker to the Company.
Total Voting Rights
Following the issue of the Placing Shares, the Company’s issued share capital consists of 22,836,049,123 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.
