Premier African Minerals Ltd (AIM: PREM, OTC: PRMMF) has informed investors that it raised an additional £1 million through an equity subscription due to robust institutional interest, following its previous announcement of a raise yesterday.
The company issued another 588 million new shares at 0.17p each under the same terms as before.
The funds raised are designated for supporting ongoing mining operations at Zulu and for general working capital purposes.
Just yesterday, Premier African announced a £2 million funding initiative to bolster the project.
Chief executive George Roach remarked, “The final step in commissioning Zulu involves modifications to the material flow in the flotation plant, as detailed in our April 10, 2024 announcement.
These modifications are expected to enable the flotation plant to handle the designed tonnage and eliminate constraints on potential spodumene concentrate production.
We anticipate that the necessary piping and valves will be shipped to the site by Tuesday, April 16, with the potential for installation completion as soon as the week of April 22, 2024.”
CMC Markets is serving as the placing agent for this transaction, with shares being placed at a 19% discount compared to last night’s closing price.
