Online Reporter
Nqobile Bhebhe,Zimpapets Business Hub
Premier African Minerals Limited, fresh from revealing a breakthrough at its flagship Zulu Lithium and Tantalum Project in Insiza District, Matabeleland South has announced a £1.38 million raise through a subscription of new ordinary shares, with the funds earmarked for further development.
In a statement, the company said: “The Board of Premier African Minerals Limited is pleased to announce a subscription today to raise £1,380,000 before expenses at an issue price of 0.023 pence per new ordinary share for the Zulu Lithium and Tantalum Project.”
The company outlined that the fresh capital injection would be channelled towards refining and optimising the Primary Flotation Plant, as well as providing funding for a potential alternative spodumene float plant pending a review announced earlier this week.
Part of the proceeds will also be used to meet selected operating expenses, debt settlements, and general working capital requirements while ongoing negotiations on a previously announced non-binding letter of interest are concluded.
Premier’s chief executive officer, Mr George Roach, welcomed the funding milestone, describing it as a strong vote of confidence in the company’s growth trajectory.
“We are very pleased to have completed this capital raise at a price representing a significant premium to our last funding round, and see this as clear recognition of the progress we are making,” he said.
The subscription, arranged within the company’s existing share authorities, involves the issuance of 6,000,000,000 new ordinary shares of nil par value at the agreed issue price. Upon admission, the new shares will rank pari passu in all respects with the company’s existing ordinary shares.
Application has already been made for the subscription shares to be admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange, with admission expected on or around 28 August 2025.
The latest funding initiative comes at a time when Zimbabwe is positioning itself as a key player in the global lithium supply chain, with projects such as Zulu expected to play a pivotal role in meeting growing demand for the mineral used in electric vehicle batteries and other green technologies.
Londile Moyo