AIM-listed mining and exploration junior Premier African Minerals has announced that it’s proposed £3.5 million ($4.35 million) fundraising, intended to be achieved through a combination of a placing and retail offer, will no longer proceed as originally structured, Mining Zimbabwe can report.
By Rudairo Mapuranga
The company aimed to raise capital by issuing new ordinary shares but failed to meet the target amount.
On January 16, 2025, Premier outlined plans for the fundraising, which was conditional upon gross proceeds of £3.5 million ($4.35 million) and creditors agreeing to settle liabilities by accepting new shares (“Settlement Shares”). The company successfully raised £1.2 million ($1.46 million) through the placement of 4.34 billion new ordinary shares at an issue price of 0.0275 pence per share. However, the retail offer, expected to generate additional funds from shareholders, did not attract sufficient interest at the set issue price.
As a result, Premier’s Board, in consultation with its brokers, has decided not to proceed with the placing and retail offer in its current structure.
The Board is now exploring alternative fundraising strategies and considering restructuring the original issue size. Additional funding options are being reviewed to ensure the company secures the capital necessary to sustain operations and support growth plans. A further announcement will follow once the company determines its next steps.
Despite this setback, Premier has not issued any shares as part of the cancelled fundraising, and its financial position remains as previously disclosed.
Renowned for its Zulu Lithium and Tantalum Project in Zimbabwe, Premier African Minerals remains committed to its operational objectives and actively pursues the most viable financial path to meet its capital requirements.
