Premier African Minerals Ltd - minerals and metals producer focused on projects in Zimbabwe and Namibia - Announces a subscription offer for 1.2 billion new shares at an issue price of 0.17 pence each to raise around GBP2.0 million. Says the proceeds will go towards development of the company's Zulu lithium and tantalum project in Zimbabwe. The issue price represents a 15% discount to the company's Wednesday closing share price of 0.20p.
Chief Executive Officer George Roach says: "The final step in commissioning Zulu looks to be the changes to be made to the material flow through the floatation plant...These changes expect to see the floatation plant able to accept the design tonnage and to remove the restrictions on potential spodumene concentrate production. The required piping and valves are expected to load for site by Tuesday 16 April, and the expectation is that fitment could be complete as early as the week commencing 22 April."
Current stock price: 0.19 pence per share, down 7.8% in London on Thursday
12-month change: down 81%
By Hugh Cameron, Alliance News reporter
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Premier African Minerals (PREM)