Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) has cancelled a £3.5 million fundraising after an insufficient level of applications.
A bookbuild exercise conditionally raised proceeds of £1.2 million at 0.0275p a share, but that was not enough to proceed said the junior. An accompanying retail offer has also been cancelled.
Premier African added that it is considering restructuring the fundraising, which might involve changing the size along with alternative funding options said the statement.
The money had been earmarked to get the Zulu lithium project in Zimbabwe into production and running smoothly.