27th Feb 2019 11:01
LONDON (Alliance News) - Premier African Minerals Ltd on Wednesday said it raised GBP400,000 via placing of 444.4 million shares at 0.09 pence each.
Shares in the mining company focused on southern Africa were trading down 21% at 0.095p each on Wednesday morning.
The funds raised in the placing will be used by the company to assist with the funding of the ongoing due diligence on the Honey Badger Resources Ltd acquisition, deal costs for the HBR and KME Plant Ltd transaction and general working capital requirements.
Admission of the new shares to trading is expected to take place on March 7, following which, Premier African will have 8.04 billion shares in issue.
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Premier African Minerals