Premier African Minerals Limited (LON:PREM) has raised £400,000 in part to cancel warrants issued in a previous funding.
Shares were issued at 0.16p, with £145,000 of the raise earmarked for financier Darwin’s warrants.
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They had downwards adjustable exercise prices and had created a stock overhang, Premier said.
Elsewhere, talks with the Zimbabwe indigenisation authority (NIEFF) about restructuring the ownership of the RHA tungsten mine are going well, said George Roach, chief executive.
“Premier will bring the discussions with NIEEF to finality in the very near future,” he added.
“Premier proposed and the board of NIEEF are in principle supportive to the conversion of Premier's loan account into equity in RHA, Premier would as a result of this conversion own 90% of RHA.
“We are assured that the current procedural delays will not persist.”
Roach added that no additional shares had been issued to Darwin in closing out their warrant position.