Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) announced £550,000 has been raised as the company explores options for its Zulu lithium project.
Proceeds from the sale of new shares will be used to assist operations at Zulu, as the likes of a whole or partial sale are explored, alongside plans to install an additional spodumene float plant at the site.
Premier added it was in early discussions with a Chinese engineering firm which could install such a plant at Zulu.
“We are making progress and I do expect a resolution to this final problem, after which we do expect to produce at grade and at design recovery,” chief executive George Roach said.
“The alternatives set out above are under active negotiation and a satisfactory outcome should result.”
The new shares are expected to be listed on AIM around October 9.