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Highlights
- Fundraising Success: Premier African Minerals raises £600,000 via direct subscription for Zulu Lithium and Tantalum Project.
- Contractor Settlement: Company issues 1.84 billion new shares to settle £0.23 million in invoices.
- Market Trading & Expansion: Shares to be admitted to AIM trading on March 13, 2025, supporting operational needs at Zulu.
Premier African Minerals Limited (LSE:PREM) has announced a successful direct subscription to raise £600,000 before expenses, issuing new ordinary shares at 0.0125 pence per share. The funding will primarily support the Zulu Lithium and Tantalum Project, a key focus for the company's ongoing expansion.
Additionally, Premier has settled outstanding contractor invoices totaling US$0.3 million (£0.23 million) by issuing 1.84 billion new shares at the same price. This move is expected to streamline financial obligations and maintain operational efficiency at Zulu.
Strategic Focus on Zulu’s Future
Following an earlier announcement on March 6, 2025, Premier remains committed to ensuring the operational sustainability of both Premier and Zulu. The company continues discussions with existing stakeholders and potential new investors to secure a long-term financial solution for the Zulu project. A key part of this strategy involves negotiations with Zulu’s prepayment and offtake partner, with whom detailed discussions are ongoing.
Subscription and Share Settlement
The company has issued 4.8 billion new shares as part of the direct subscription, which is conditional upon admission to trading on AIM. The issued shares will have equal standing with existing shares. The placement was managed by CMC Markets UK Plc, operating as CMC CapX.
Premier has also settled £0.23 million in contractor invoices through the issuance of 1.84 billion new shares, ensuring that obligations to service providers are met efficiently. The sale of these shares will be managed in an orderly manner by Premier’s brokers.
In total, 6.64 billion new shares have been issued, aligning with the company's existing share authorizations. Proceeds from this transaction will be directed toward essential consumables at Zulu’s camp and general working capital for Premier.
AIM Admission & Market Trading
An application has been submitted for the new shares to be admitted to trading on AIM, with admission expected around March 13, 2025. Following the issuance, Premier's total share capital will consist of 46.47 billion ordinary shares, each carrying voting rights.
