Premier African Minerals’ management has sprung into action after a rise in the share price to use the opportunity to raise a little of £1m to fund lithium mine optimisation and to pay off debts.
Premier African Minerals Limited has raised £1,380,000 before expenses through a share subscription for its Zulu Lithium and Tantalum Project. The funding was secured by issuing 6 billion new ordinary shares at 0.023p per share.
The raised capital will serve four primary purposes: refining and optimising the Primary Flotation Plant, potentially funding an alternative spodumene float plant pending review, covering operating expenses and debt settlements during ongoing negotiations, and providing general working capital.
CEO George Roach highlighted that the funding price represents a significant premium to the previous funding round, reflecting the company’s progress. Anyone who bought yesterday above 0.03p may have a different view.
“We are very pleased to have completed this capital raise at a price representing a significant premium to our last funding round, and see this as clear recognition of the progress we are making,” said George Roach, CEO.
Premier African Minerals shares touched 0.037p yesterday after trading as low as 0.01p in June.