The subscription was at 0.375p per shares compared to last night’s close of about 0.45p.
Meanwhile, Premier African has noted an announcement from Circum Minerals, where it has a 2% stake, on progress at the huge Danakil potash project in Ethiopia.
A 25% stake in a smaller deposit to the south of Danakil, Yara Dallo, has recently changed hands at a price that valued Yara at US$200mln. Yara's production is forecast to be just over a fifth of the initial production estimates for Circum's project.
Production at Danakil is expected to be scaleable from its initial estimate of 2.75mln tonnes of potash production per annum, which comprises 2mln tonnes of Muriate of Potash and 750,000 tonnes Sulfate of Potash. Asia, and South East Asia in particular, would be potential markets given their proximity.
Circum has also appointed a strategic adviser to help move Danakil forward.
George Roach, Premier’s chief executive, said: "Projected future value of Premier's holding in Circum Minerals far exceeds Premier's present market capitalisation and does give comfort in management of the debt burden Premier currently carries on behalf of the RHA Tungsten project in Zimbabwe as well as future placements that may be required in getting RHA into profit as we expect in Q1 2016."