Business
Completion of Zulu Lithium DFS Funding
Completion of Zulu Lithium DFS Funding.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 4220G\n Premier African Minerals Limited\n 29 March 2022\n \n \n \n \n \n 29 March 2022\n \n \n \n \n \n \n Premier African Minerals Limited\n \n \n \n \n \n Completion of Zulu Lithium DFS Funding\n \n \n Premier African Minerals Limited (\"Premier\" or the \"Company\"), is pleased to confirm the completion of the Subscription Agreement by Suzhou TA&A Ultra Clean Technology Co., Ltd., (\"Suzhou TA&A\") to raise £12 million before expenses at an issue price of 0.4 pence per new ordinary share for the ongoing Definitive Feasibility Study (\"DFS\") at Premier's Zulu Lithium and Tantalum Project (\"Zulu\") (the \"Subscription\") as announced on 8 March 2022.\n \n \n \n \n \n \n George Roach, CEO commented, \n \n \"I reiterate my welcome to our new shareholders and to Dr Lou Wei, and express my appreciation for the confidence in Premier and Zulu. Premier has already taken steps to expedite issues associated with resource definition needed to complete mine optimisation and test work and we will continue to accelerate all aspects of the DFS underway.\"\n \n \n \n \n \n Proposed Board Appointment\n \n \n \n \n \n As previously announced, on completion of the Subscription, Suzhou TA&A has the right to \n appoint one director to serve on the boards of Premier, Zulu Lithium Mauritius Limited, and Zulu Lithium Private limited.\n \n Dr Luo Wei has therefore been invited to join the boards of Premier, Zulu and Zulu Lithium Mauritius Limited (collectively the \"Companies\"), subject to the satisfactory completion of standard regulatory checks in compliance with the AIM Rules which are currently underway, and which we anticipate being completed shortly.\n \n \n In the interim\n , \n Dr Luo Wei will have observer rights of the day-to-day operations of the Companies, including without limitation, access to any information on Zulu.\n \n \n \n \n \n Dr Luo Wei is a geologist with 23 years of experience who has worked in senior engineer positions for the past 12 years in a variety of locations. He has experience in the discovery and exploration of precious, nonferrous and base metal mineral resources internationally, including the DRC, Republic of Congo, Nigeria, Pakistan, South-East Asia and China. Dr Luo has a PhD. in Geology from the Central South University of C...