Premier African Minerals completes Zulu Lithium DFS funding
Premier African Minerals saw its share price fall 4.5% to 0.3p in late afternoon trading on Tuesday after the company announced the completion of its Zulu Lithium Definitive Feasibility Study (DFS) funding.
Premier African Minerals reported its subscription agreement with Suzhou TA&A Ultra Clean Technology to raise £12 million prior to expenses at an issue price of 0.4p per new ordinary share in order to continue its Definitive Feasibility Study (DFS) at the company’s Lithium and Tantalum project.
The news followed Premier African Minerals’ announcement regarding the DFS funding on March 8 2022, in which CEO George Roach welcomed the subscription from Suzhou TA&A:
“I am delighted to accept this Subscription from Suzhou TA&A, and particularly that this makes available to Premier a wealth of expertise in this industry whilst aligning future offtake and mine development with Yibin Tianyi Lithium Industry Co. Ltd.”
“[The company] is a major producer of Lithium Hydroxides, financier and take-off partner for the Manono Lithium and Tin project and who have completed long term spodumene off-take agreements with Pilbara Minerals Limited.”
“I look forward to welcoming a new board member who will be nominated by Suzhou TA&A and active involvement from Suzhou TA&A in our DFS, particularly in the area of test work and flow sheet development.”
The company today announced the pending appointment of geologist Dr Luo Wei to its board of directors for Premier African Minerals, Zulu Lithium Mauritius Limited and Zulu Lithium Private Limited.
CEO George Roach commented positively on the outcome of the DFS funding in the reported update.
“I reiterate my welcome to our new shareholders and to Dr Lou Wei, and express my appreciation for the confidence in Premier and Zulu,” said Roach.
“Premier has already taken steps to expedite issues associated with resource definition needed to complete mine optimisation and test work and we will continue to accelerate all aspects of the DFS underway.”