Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) told investors it has raised an additional £1 million in equity subscriptions amid strong institutional interest, following yesterday’s announced raise.
A further 588 million new shares in the company have been issued to investors on the same terms, 0.17p per share, the company noted.
Proceeds are earmarked for funding the ongoing mining operations at Zulu and general working capital.
Yesterday, Premier African announced a £2 million funding to support the project.
Chief executive George Roach, at that time, said: "The final step in commissioning Zulu looks to be the changes to be made to the material flow through the floatation plant as described in our announcement of 10 April 2024.
“These changes expect to see the floatation plant able to accept the design tonnage and to remove the restrictions on potential spodumene concentrate production.
“The required piping and valves are expected to load for site by Tuesday 16 April, and the expectation is that fitment could be complete as early as the week commencing 22 April 2024.”
CMC Markets is acting as placing agent in the placing, with the price a 19% discount to last night’s close.