LONDON (ShareCast) - (ShareCast News) - AIM-listed Premier African Minerals has raised £2m form an oversubscribed share placing to fund develop at its lithium and limestone mines.
The miner raised £2.01m from the issue of 402.2m shares, which were 34% oversubscribed by midday on Sunday, at a price of 0.5p each.

The new shares are expected to be admitted to trade on AIM on 31 March.

Chief executive George Roach said the funds raised will be used to expedite execution of additional drilling at the Zulu lithium and limestone deposit in Mozambique.

He said that when its flagship RHA tungsten mine in Zimbabwe meets its guidance and a liquidity event occurs at Circum Minerals' Danakil Potash project in Ethiopia, which the company holds 2m shares in, Premier is unlikely to need further operational funding for any operations at any existing projects in 2017.

Shares in Premier African Minerals were down 10.46% to 0.582p at 0913 BST.

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