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Premier African Minerals unveils £400,000 placing to fund ongoing acquisitions

The exploration firm said it would place around 444mln new shares at a price of 0.09p each, a 25% discount to the last close price of 0.12p

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Part of the proceeds would be used to fund due diligence for the acquisition of a 50% stake in gold miner Honey Badger Resources

Premier African Minerals Limited (LON:PREM) announced a placing on Wednesday to raise around £400,000 to fund due diligence and deal costs for its ongoing acquisitions.

The exploration firm said it would place around 444mln new shares at a price of 0.09p each, a 25% discount to the last close price of 0.12p.

READ: Premier African Minerals to recommence drilling work at the Zulu lithium project

Premier added that the proceeds would be used to help fund ongoing due diligence costs for its acquisition of a 50% stake in Zimbabwe-based gold miner Honey Badger Resources (HBR), as well as deal costs for the purchase of exploration and mining assets from KME Holdings, both of which were announced earlier in February.

George Roach, chief executive of Premier, said the firm had previously held off on a placing but with “renewed progress” at its RHA Tungsten project, combined with plans to recommence drilling at the company’s Zulu lithium and tantalum project announced yesterday and the HBR and KME purchases, meant he looked forward to “a period of refocusing on value and the potential benefits of the anticipated acquisitions”.

The company also appointed SVS Securities as its joint broker with immediate effect to work alongside its existing corporate broker Shore Capital.

In early trading Wednesday, Premier shares were at 0.1p, 11% higher than the placing price.

--Adds share price--

Quick facts: Premier African Minerals Ltd

Price: 0.12 GBX

AIM:PREM
Market: AIM
Market Cap: £13.2 m
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