Premier African Minerals Limited (LON:PREM) has raised a gross £1.1mln through a placing at 0.04p per share.
States Bridge Capital, which has just been appointed the company’s financial adviser, helped arranged the financing and will now assist Premier find high-value exploration and/or cash generative assets.
In a statement, George Roach, Premier African’s chief executive, said: "This placement and the strong support we have received will facilitate Premier's stated objective of mitigating country risk and allowing the company to access other high-value exploration and/or cash generative assets.
"At the same time, Premier will be in a position to responsibly reassess its Zimbabwean assets and determine the best course of action to generate value for shareholders. I continue to believe in the value of our Zimbabwean assets and it is my fervent desire that the Zimbabwean government will resolve the issues surrounding RHA Tungsten and grant Premier the Exclusive Prospecting Order over the extended area at Zulu Lithium.”