Premier African Minerals (AIM:PREM) has completed a direct subscription to issue 7.35bn new shares at an issue price of 0.0136p per share, raising approximately £1m before expenses to support the development of its Zulu Lithium project in Zimbabwe.
The company said the proceeds will be used principally to assist with ongoing commissioning of the new Xinhai Flotation Plant, to meet operating expenses at Zulu Lithium, to manage essential creditors at Zulu and to provide general working capital for Premier.
"Commissioning and optimisation activities remain firmly on track for completion during Q2," said Graham Hill.
Construction of the new flotation plant continues with switchgear and control panels installed, cabling and motor connections advanced, piping and air manifold works nearing completion, and commissioning now underway across the crushing and milling circuits with newly installed bypass chutes tested successfully.
