{"id":140271,"title":"Premier African Minerals Drop 27% on Plans for Tens of Billions of New Shares","publisher":"Share Talk","author":"sharetalk","published":"2026-09-04T13:19:57+00:00","modified":"2026-09-04T13:19:57+00:00","canonical_url":"https://www.share-talk.com/premier-african-minerals-drop-27-on-plans-for-tens-of-billions-of-new-shares/","markdown_url":"https://www.share-talk.com/premier-african-minerals-drop-27-on-plans-for-tens-of-billions-of-new-shares.md","json_url":"https://www.share-talk.com/premier-african-minerals-drop-27-on-plans-for-tens-of-billions-of-new-shares.json","category":"Mining","categories":["Mining"],"tags":["George Roach","Graham Hill","Mineral Resource","Mr Pei Zenzhue","operations","Pilot","Plant","PREM","Premier African Min","Share Talk","Suzhou TA&A","Tantalum Project","Zulu Lithium","Zulu lithium project"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/PREM_with_title_4-1.webp?fit=1200%2C675&quality=80&ssl=1","format":"news","language":"en-GB","content":"[Premier African Minerals (AIM: PREM)](https://www.investegate.co.uk/announcement/rns/premier-african-minerals-ltd--prem/notice-of-gm/9755020) shares plunged more than **27% to around 0.1p on Friday** after the company unveiled proposals that could see tens of billions of new shares issued to fund its **Zulu lithium project** and meet outstanding obligations.\n\nPremier has called a general meeting for **23 September**, where shareholders will be asked to approve authority to issue up to **58.63 billion new ordinary shares** in support of the operational and funding programme for the Zulu Lithium and Tantalum Project in Zimbabwe.\n\nThe company estimates it requires **US$19.1 million of funding through to the end of 2027**.\n\nBased on an assumed issue price of 0.016p, the initial proposed share authority would provide capacity to raise approximately **US$12.7 million**.\n\nPremier is also seeking authority to issue a further **5.40 billion shares** to settle creditor obligations, including approximately US$880,000 owed to J R Goddard Contracting and US$289,064 owed to China Zenith Capital.\n\nAnother resolution would permit the issue of up to **8.57 billion shares to Canmax Technologies** under existing conversion rights.\n\nThe proposals therefore create authority for potentially more than **72 billion shares** across the three categories, although approval would not necessarily mean that all of those shares are ultimately issued.\n\nPremier currently has more than 50 billion shares in issue and is proposing another **10-for-one share consolidation** in an attempt to reduce the company’s exceptionally large share count.\n\nThe company warned that its available funds are limited and that additional financing is required to meet its obligations and continue development at Zulu.\n\nFailure to secure sufficient funding could have a material impact on both the Zulu project and Premier’s wider financial position."}