Premier issues US$2.5 million shares to Zim’s largest contractor, JR Goddard
AIM-listed mining and exploration company, Premier African Minerals has settled the payment of US$2.5 million in invoices by issuing 769,230,769 new ordinary shares of the Company to Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd popularly known as JRG, the company CEO George Roach said.
Rudairo Mapuranga
According to Roach, the company has also announced a subscription to raise £2.4 million before expenses at an issue price of 0.23 pence per new ordinary share for the Zulu project.
He also said Premier is on track to target revenue-generating production by February 2024 following the installation of the 55 tons per hour ball mill and other associated structures which is expected to be completed by late January/early February 2024.
The Premier African Minerals CEO said the Company has conditionally settled the payment of US$2.5 million (equivalent to £2 million) in invoices through the issue of 769,230,769 new ordinary shares of the Company to Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd, issued at a price of 0.26 pence per new ordinary share.
“The subscription and the contractor settlement should see Zulu through to production in February 2024.
“We are deeply encouraged that the subscription was taken up by two institutional investors with one of the investors having supported the Company previously. We believe that the attraction of further institutional investment into Premier demonstrates the underlying value of Premier.
“We would be remiss if we did not also express our appreciation to our Mining Contractor for their willingness to accept settlement of invoices in Premier shares,” Roach said.