Premier African raises £0.54m to help progress Zulu Project
By Josh White
Date: Friday 24 Jan 2025
(Sharecast News) - Premier African Minerals announced a subscription for 2.7 billion new shares on Friday, at an issue price of 0.02p each, raising £0.54m before expenses.
The AIM-traded firm said the funds would be used to support essential operational requirements at both the company and its Zulu Lithium and Tantalum Project.
It said it remained engaged with its prepayment and offtake partner, which recently reaffirmed its commitment to Zulu.
Premier added that it was working closely with the partner to address any outstanding uncertainties that may impact the project.
It emphasised that, while the fundraising provided immediate operational support, it did not fully address the group's short-term funding needs.
The company's financial position remained in line with previous disclosures, with the board saying it would provide further updates as necessary.
"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," said chief executive officer George Roach.
"I would also like to take this opportunity to confirm that the planned management and board changes discussed in our previous announcements are expected to proceed and a further announcement in this regard will be made at the appropriate time."
At 1626 GMT, shares in Premier African Minerals were up 2.4% at 0.03p.
Reporting by Josh White for Sharecast.com.
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