25th Aug 2023 11:37
(Alliance News) - Premier African Minerals Ltd on Friday announced a new share placing to raise funds for its Zulu lithium and tantalum project in Zimbabwe.
The Zimbabwe-focused tungsten producer will place 1.14 billion new shares at 0.35 pence each to raise GBP4.0 million.
Premier African will use part of the shares issued to pay its contractors JR Goddard Contracting (Pvt) Ltd and Stark International Projects Ltd until the end of the year.
Chief Executive Officer George Roach said: "Based on current projections, this funding and the arrangements set out below are expected to see Zulu pass through the current interim remedial situation and allow the company to reach target nameplate production at Zulu."
"I am appreciative of the support from our investors and from our contractors, who effectively are making their own statement of confidence going forward with this investment."
Shares in Premier African were up 3.0% at 0.40 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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