Premier African Minerals said it is now fully funded to first production at the Zulu lithium project in Zimbabwe after a subscription at 0.275p to raise £2.475 million.
In addition, Premier African said that the new ball mill at the site is installed and going through a test run with commercial production to begin later this month and a first shipment scheduled for March.
Discussions are also underway with lenders in Zimbabwe for a working capital facility once production gets underway.
Chief executive George Roach commented: "This placement assures Zulu of plant startup, subject only to suppliers meeting their obligations and undertakings.
“This has and remains Premier's single most important objective at this stage.
“That is targeted for next week and remains on target at this time.
“Early indications are that subsequent working capital finance will be available from commercial lenders at Zulu when production is underway as Zulu must begin to fund its operations without the assistance of Premier once commercial production has commenced.”