Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) was quick to capitalise on its latest milestone, raising £1.38 million with a share sale after yesterday's breakthrough at the Zulu lithium and tantalum project.
Proceeds are earmarked for the continued refining and optimisation of the Primary Flotation Plant.
Yesterday, the small-cap miner announced that Zulu had moved into 'full operation', following the successful completion of the second phase of plant testing.
The primary flotation plant is now running continuously, producing saleable spodumene concentrate exceeding the required 5% lithium oxide, with peak grades reaching 6.2%, the AIM company said on Wednesday
Today, it announced the sale of 6 billion new shares, at an issue price of 0.023p.
"We are very pleased to have completed this capital raise at a price representing a significant premium to our last funding round, and see this as clear recognition of the progress we are making," chief executive George Roach said.
Premier African noted it will also part-fund certain operating expenses and debt settlements, while negotiations continue under a non-binding letter of interest.