London-listed Premier African Minerals has completed a subscription to raise about £500 000 before expenses through the issue of new ordinary shares.
Moreover, the company has settled £100 000 of supplier’s invoices through the issue of new ordinary shares.
The company highlights the importance of it continuing to support all essential operational requirements across both Premier and its Zulu lithium and tantalum project, in Zimbabwe.
The funding will particularly assist with operational requirements, including the ongoing installation and commissioning of the 15 t to 20 t an hour flotation plant manufactured by Xinhai Technology Processing, with the objective of enabling Zulu to produce product at commercially acceptable levels of grade and recovery.
“This funding provides important working capital to support ongoing operational requirements at Zulu and the continued progress of the installation and commissioning of the Xinhai flotation plant. Maintaining the momentum we have created in advancing the Xinhai flotation plant is of vital importance as we move toward stable operations and a positive future at Zulu,” says Premier CEO Graham Hill.
“The board remains firmly focused on stabilising operations at Zulu and progressing towards consistent production,” he adds. – (Mining Weekly)
