Premier African Minerals has completed a direct subscription for 5.41bn new shares at an issue price of 0.0185p, raising approximately £1m before expenses as it transitions the Zulu Lithium flotation plant toward hot commissioning and seeks admission of the Subscription Shares to trading on AIM under the ticker PREM.
The company intends to use the proceeds principally to assist with ongoing commissioning of the new flotation plant, operating expenses at Zulu, management of essential creditors and for general working capital.
It reports the majority of cold commissioning using water across the flotation, crushing and milling circuits has been completed, conveyors and bypass chutes have been tested and the crushing circuit re-commissioned on ore.
Graham Hill, Managing Director, said: "We are pleased with the continued progress being made at the new Zulu Lithium flotation plant, particularly the successful completion of the majority of cold commissioning activities utilising water."
