Premier to raise £540 000 through new subscription
Aim-listed Premier African Minerals has announced a subscription for 2.7-billion new ordinary shares to raise about £540 000 before expenses at an issue price of 0.02p per new ordinary share.
Following the announcement on January 21 that a proposed fundraising of £3.5-million through the issue of new ordinary shares by way of a placing and retail offer would no longer proceed, the company said that it remained of fundamental importance that it continued to support all essential operational requirements at the Premier and Zulu lithium and tantalum project, in Zimbabwe.
Premier said it remained actively engaged with its prepayment and offtake partner.
The company added that it was looking to address any factors that might still cause uncertainty in consultation with its prepayment and offtake partner.
Premier said its financial position remained as previously disclosed and that investors should note that this was an interim measure and did not fully address the group's short-term funding requirements.
“This subscription will provide working capital to both support essential operational requirements at Zulu and also allow an initial start to the infrastructure and other associated requirements for the installation of the additional float cells and assist in plant readiness for the limited test run that has been planned,” Premier CEO George Roach said on January 24.
He also confirmed that several previously planned management and board changes were expected to proceed.
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