Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) has raised £540,000 through a direct subscription at 0.02p a share to support operations at its Zulu lithium project in Zimbabwe.
Premier had wanted to raise £3.5 million but dropped that plan earlier this week after concerns over the relationship with offtake partner Canmax.
In its statement today, Premier said it remains actively engaged with Canmax and the two companies are looking to address any factors that might still cause uncertainty.
Premier also added that the funding announced today is an interim measure and does not fully address the group's short-term requirements.
George Roach, Premier’s chief executive, said: "This subscription will provide working capital to both support essential operational requirements at Zulu and also allow an initial start to the infrastructure and other associated requirements for the installation of the additional float cells and assist in plant readiness for the limited test run that has been planned.
“I would also like to take this opportunity to confirm that the planned management and board changes discussed in our previous announcements are expected to proceed and a further announcement in this regard will be made at the appropriate time."
Premier added that the £540,000 raised today came via a direct subscription with broker Shore Capital.