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(Alliance News) - Premier African Minerals PLC said Friday it raised GBP250,000 through a discounted direct subscription, as it looks to progress its Zimbabwe mining projects.
Premier issued 1.3 million shares at 0.02 pence per share as part of the subscription. Shares in Premier closed 11% lower at 0.025 pence in London on Friday.
"I expect this will be the last direct placement Premier will need in advance of expectations for the exclusive prospecting order application at Zulu Lithium and Tantalum project, and the ongoing electrification at the RHA Tungsten Mine in Zimbabwe," Premier Chief Executive Officer George Roach said.
"At the same time, we are pleased with reports of ongoing increases in production tonnage at Otjozondu Mining in Namibia and we look forward to the possibilities that a closer association with this mine will bring in the future to Premier and its shareholders," Roach added.
Following admission of the subscription shares - expected next Thursday - Premier will have 11.00 billion shares outstanding in the firm.
By Ahren Lester; ahrenlester@alliancenews.com
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