Premier targets new funding for Zim lithium project

Tawanda Musarurwa
Following its recent appointment of New York-based EAS Advisors LLC (EAS) as its United States corporate adviser, diversified mining firm Premier African Mineral, says it is looking to raise new capital for its Zulu Lithium Project in Zimbabwe.

EAS was specifically engaged “primarily to assist with introductions to institutions and funding to enable the company to proceed with development of its current mining and exploration projects in Sub-Saharan Africa, in particular a Definitive Feasibility Study (DFS) at the Company’s Zulu Lithium project in Zimbabwe,” said Premier.

The Zulu Lithium and Tantalum Project is located 80km from Bulawayo, and is generally regarded as potentially the largest undeveloped lithium bearing pegmatite in Zimbabwe.

The mining group said it has agreed to issue, conditional on EAS raising at least US$5 million of new funding to support the development of a DFS for the Zulu Lithium Project on terms acceptable to Premier, a total of 360 000 000 warrants to subscribe for new ordinary shares of Premier.

The terms of this issue include: that the exercise price of 90 000 000 warrants shall be at a 40 percent premium to Premier’s closing share price the day prior to the announcement of the funding; and that the exercise price of 90 000 000 Warrants shall be at a 60 percent premium to Premier’s closing share price the day prior to the announcement of the funding.

Premier also said the exercise price of 90 000 000 warrants shall be at 80 percent premium to Premier’s closing share price the day prior to the announcement of the funding.

And that the exercise price of 90 000 000 Warrants shall be at a 100 percent premium to Premier’s closing share price the day prior to the announcement of the funding.

Said Premier chief executive George Roach: “I’m delighted that we have brought on EAS as our US corporate advisers.

We’re looking forward to working with them as we develop our US profile and take significant steps forward in the development of Zulu.” – ebusinessweekly.co.zw.