Funding of Ongoing Zulu Plant Optimisation
The Board of Premier African Minerals Limited is pleased to announce a placing today to raise £1,759,500 before expenses at an issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project Pilot Plant Optimisation.
The Company is also pleased to report that the plant is now producing concentrate from both the spodumene and mica floatation circuits.
George Roach, CEO commented: “Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu.
Mining operations continue to encourage with both grade and ore body definitions meeting our expectations. At the same time, exploration activities outside of the current mining operations have identified additional spodumene-dominant pegmatites not included in the resource currently being mined.
Similarly, our joint venture partner at our Mutare Project (as announced on 25 April 2022) has indicated to us that early trenching has uncovered substantial pegmatites and we look forward to reporting on results from that activity in the near future.”
Placing
Premier has today issued by way of a placing (“Placing”), conditional on admission, 190,216,216 new ordinary shares of nil par value (“Placing Shares”) at a Placing price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc (“CMC Markets”), acted as the Company’s sole placing agent in respect of the Placing.
Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2023.
The Placing has been arranged within the Company’s existing share authorities. 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.
Total Voting Rights
Following the issue of the Placing Shares, the Company’s issued share capital consists of 22,770,103,177 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.