Premier African Minerals Secures £1.38 Million to Advance Zulu Lithium Project

Premier African Minerals (LON:PREM) has announced a subscription raising £1,380,000 before expenses, priced at 0.023 pence per new ordinary share.

The funds are earmarked for the Zulu Lithium and Tantalum Project, focusing on optimizing the Primary Flotation Plant and potentially funding an alternative spodumene float plant.

The company will also allocate funds to cover operating expenses, settle debts, and bolster general working capital while ongoing negotiations, outlined in a prior non-binding letter of interest, are finalized.

Premier African Minerals shares are down around 0.7% on Thursday.

Premier issued 6,000,000,000 new ordinary shares through a direct subscription, conditional on admission. These new shares will rank equally with existing ordinary shares. The subscription was arranged within the company's existing share authorities, streamlining the process.

Application has been made for the new shares to be admitted to trading on AIM, with admission expected around August 28, 2025. Following this issuance, Premier's total issued share capital will consist of 83,674,775,980 ordinary shares, all carrying voting rights.

George Roach, CEO of Premier African Minerals, commented, “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.”