(Alliance News) - Premier African Minerals Ltd on Tuesday said it raised GBP1 million via a share placing.
The Ferndale, Wales-based company, which mines lithium and tantalum in Zimbabwe, said 500.0 million new shares were placed at 0.20 pence each.
Shares in Premier were down 9.4% at 0.20p in London on Tuesday afternoon trading.
The funds raised will be put towards the multi-commodity miner's ongoing studies at its Zulu Lithium project in Zimbabwe.
Premier on Monday reported its new scoping study pushed Zulu revenue up to USD1.7 million, compared to USD1.1 million when results were last collected in 2017.
"Our exploration teams are appointed, airborne geophysics and other remote sensing has been commissioned and we have high expectations for both additional lithium, caesium and tantalum pegmatite discovery and other potential in respect of the Fort Rixon greenstone belt that intrudes into parts of the exclusive prospecting order area," said Chief Executive George Roach.
Roach added that Premier is "well positioned to ride this wave of interest" in its lithium, tungsten, manganese, rare earths, gold and fluorspar exploration projects.
By Josie O'Brien; josieobrien@alliancenews.com
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Premier African Minerals (PREM)