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REGIONAL resources firm Premier African Minerals last week received a direct subscription for £500,000 in new ordinary shares that will be used further its exploration projects and provide additional working capital.
Premier is in the process of developing its flagship project – the RHA Tungsten Mine that is located approximately 270KM northwest of Bulawayo.
The AIM-listed resources firm said the subscription consisted of an issue of 100 million new ordinary shares, at a subscription price of 0,5 pence each, conditional on admission.
Premier chief executive officer George Roach said the funds will go a long way in financing the mainly the RHA Tungsten project.
“The capital will support existing project development requirements and general working capital in the period leading up to achieving positive operational cash flow from the RHA Project, that is expected this spring, and we do not currently anticipate any further need to approach the market for finance to support general working capital in this period,” he said. -BH24
derick.khumalo