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Highlights:
£540,000 Raised: Premier has issued 2.7 billion new ordinary shares to raise approximately £540,000, supporting essential operations at Zulu and general working capital needs.
Continued Engagement with Partners: Premier is actively engaging with its prepayment and offtake partner, whose reaffirmation of its commitment to the Zulu project was announced earlier in January.
Subscription and Admission: The new shares will be admitted to trading on AIM by 30 January 2025, with the funds primarily allocated to essential consumables at Zulu's camp.
Premier African Minerals Limited (LSE:PREM) has announced the completion of a subscription agreement for 2.7 billion new ordinary shares, raising approximately £540,000 before expenses. The new shares will be issued at a price of 0.02 pence per share, and the funds raised are intended to support the Company's ongoing operations, particularly at its Zulu Lithium and Tantalum Project ("Zulu").Premier’s subscription, arranged in conjunction with its broker Shore Capital Stockbrokers Limited, is conditional upon the successful admission of the new shares to trading. The new shares will rank equally with existing shares and are expected to help address operational needs at the Zulu project and provide working capital for Premier.
This move comes after the Company’s prior update on 21 January 2025, emphasizing its commitment to supporting the essential operational requirements at both Premier and the Zulu Lithium and Tantalum Project. Premier continues to work closely with its prepayment and offtake partner, who reaffirmed its commitment to Zulu on 20 January, and the Company is focused on resolving any remaining uncertainties in collaboration with this partner.
Premier’s financial position remains as previously disclosed, with the new subscription intended to provide immediate liquidity for operations at Zulu. The subscription has been arranged within the Company’s existing share authorities, and the funds raised are expected to assist with ongoing operational needs, including consumables at Zulu’s camp, which are crucial to maintaining momentum on the project.
