The Premier African Minerals Ltd (LON: PREM) share price fell 3.33% after announcing that it had conducted a second fundraising to raise £610,000 before expenses at an issue price of 0.925p per new ordinary share.
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The additional fundraising comes after the company received significant interest from institutional investors following the funding announced on 15 May 2023. In the initial fundraising, the company raised £1,759,500 before expenses at an issue price of 0.925p per new ordinary share.
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The second fundraising was very similar to the first in terms of the price offered to investors, which was nearly the same as the company’s trading price, which explains why there was no significant decline in the company’s share price.
Premier African Minerals CEO, George Roach, participated in the fundraising by buying 11,891,892 of the placing shares at 0.925p each for a total of £110,000, bringing his total shareholding in the company to 1,628,406,099, translating into a 7.1% stake in the firm.
PREM intends to use the funds raised to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.
The additional interest from institutional investors speaks to the quality they see in the Zulu lithium and tantalum project being operated by PREM. The Zulu project is regarded as a world-class lithium resource, hence, the investor interest.
PREM also announced that it had appointed CMC Markets as its joint broker.
*This is not investment advice.
Premier African Minerals (PREM) share price.
The Premier African Minerals (PREM) shares fell 3.33% to trade at 0.87p, from Thursday’s closing price of 0.90p.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.