Premier African Minerals raises another £0.61m through placing

Premier African Minerals announced a further placing to raise £0.61m before expenses on Friday, for the ongoing Zulu lithium and tantalum project’s pilot plant optimisation.

The AIM-traded firm said it made the decision after it received additional institutional interest following a funding announcement made on 15 May.

It said the placing involved the issuance of 65,945,946 new shares at a price of 0.925p each.

The placing shares would have equal rights and standing with the existing ordinary shares on issue.

It said the placement process was facilitated by CMC Markets UK, which acted as its sole placing agent.

Chief executive officer George Roach agreed to participate in the policing, at the placing price, through a subscription of £0.11m for 11,891,892 shares.

“The placing has been arranged within the company's existing share authorities,” the board said in its statement.

“Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu, and general working capital purposes necessary for the group.”

At 1611 BST, shares in Premier African Minerals were down 8.89% at 0.82p.

Reporting by Josh White for Sharecast.com.