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Premier African Minerals Ltd - developing RHA tungsten and Zulu lithium projects in Zimbabwe - Raises £1.2 million in a placing of 4.34 billion new shares at 0.0275 pence each. Also makes a retail offer of shares at the same price to raise up to a further £2.3 million, which would bring the total raise to £3.5 million. The funds will be used to restart operations at the Zulu lithium and tantalum project, where money is needed to commission the primary flotation plant and to purchase a secondary plant. Premier also needs to pay taxes to the Zimbabwe government and wage arrears to employees. Premier also hopes to issue new shares to settle liabilities with some of its creditors.
Following the announcement of the equity raise last week, Premier African on Monday says partner Canmax Technologies Co Ltd has reaffirmed its intention to work with Premier African to complete the commissioning and optimisation of the primary and secondary flotation plants at Zulu. A flotation tank is used to separate minerals from ore. Premier African and Canmax signed an offtake and prepayment agreement for Zulu back in August 2023 and updated its terms last month.
Current stock price: 0.028p, down 1.4% in London on Monday from price prior to announcement of share offer late Thursday
12-month change: down 87%
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