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Premier African Minerals Ltd - developer of RHA tungsten and Zulu lithium projects in Zimbabwe - Announces subscription to raise £1.4 million before expenses, for its Zulu lithium and tantalum project. Company has issued through a direct subscription 6.00 billion shares at 0.023 pence each. Says its ‘principal’ priorities are, firstly, to fund the ongoing refining and optimising of the primary flotation plant. Secondly, funding will be provided for the alternative spodumene float plant, should this proceed. Lastly, the proceeds will partially fund ‘certain operating expenses and debt settlements’ while negotiations for a potential purchase of spodumene, as outlined in the non-binding letter of interest announced in April, are concluded. Some proceeds will also go towards general working capital. ‘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,’ comments Chief Executive Officer George Roach. Current stock price: 0.028 pence, down 3.5% on Thursday 12-month change: down 54% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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