Premier African Minerals Limited (LON:PREM) has raised £2 mln through an underwritten offer that was made exclusively available through PrimaryBid.com.
The offer was on a "first come, first served" basis and was closed early on 26 March 2017 once a total of £2m had been passed, and the having already been approximately 34% oversubscribed by that time.
The company stated that there had been a “very strong response from private and institutional investors.”
WATCH: Premier African boss "very pleased" with investors' response ...
The new money was raised at 0.5p per share.
"We are very pleased with the support we have received from both existing and new institutional and private investors for this offer via PrimaryBid. This fundraise enables expedited execution of the additional drilling underway at Zulu Lithium and our limestone deposit in Mozambique,” said chief executive George Roach.”
“When RHA meets the guidance set out in our RNS of 30 January 2017, and a liquidity event occurs at Circum, Premier is unlikely to need further operational funding for any operations at any existing projects in the current calendar year."