Premier African Minerals raises $1m to improve Zulu processing
London-listed Premier African Minerals has announced a subscription to raise £1-million at an issue price of £0.03 per new ordinary share, as well as the settling of £140 000 in suppliers’ invoices and employee salaries through the issue of new ordinary shares at the same price.
About 3.3-billion shares will be issued for the fundraise and about 493-million shares for the payment settlements.
Premier’s main priority is to complete the purchase of a flotation cell plant manufactured by Xinhai Technology Processing, with the objective of having the Zulu lithium and tantalum project, in Zimbabwe, produce product at commercially acceptable grade and recovery levels.
The company also needs to fund certain operating expenses at the mine as part of installing the flotation plant and ongoing creditor management.
Premier MD Graham Hill says the subscription will enable the company to advance the project to commercial production in the shortest possible time.
