Tungsten and lithium group Premier African Minerals (LON:PREM) has received £232,000 from a direct subscription for new shares.
The funds will fund the ongoing underground mining development and working capital requirements at the RHA tungsten mine development in Zimbabwe.
Premier is the operator and holds a 49% interest.
Broker Northland said: “We are expecting hoisting and ventilation on the 870 level to be operational in Q1 16 with the company expecting the operation to be cash flow positive from this point.”
Shares dropped 16% to 0.4p.