Business
Funding of Ongoing Zulu Plant Optimisation
Funding of Ongoing Zulu Plant Optimisation.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n \n15 May 2023\nPremier African Minerals Limited\n \nFunding of Ongoing Zulu Plant Optimisation\n \nThe Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce a placing today to raise £1,759,500 before expenses at an issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project (\"Zulu\") Pilot Plant Optimisation.\nThe Company is also pleased to report that the plant is now producing concentrate from both the spodumene and mica floatation circuits.\nGeorge Roach, CEO commented: \"Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu.\n \nMining operations continue to encourage with both grade and ore body definition meeting our expectations. At the same time, exploration activities outside of the current mining operations have identified additional spodumene dominant pegmatites not included in the resource currently being mined.\n \nSimilarly, our joint venture partner at our Mutare Project (as announced on the 25 April 2022) has indicated to us that early trenching has uncovered substantial pegmatites and we look forward to reporting on results from that activity in the near future.\"\n \nPlacing\n \nPremier has today issued by way of a placing (\"Placing\"), conditional on admission, 190,216,216 new ordinary shares of nil par value (\"Placing Shares\") at a Placing price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc (\"CMC Markets\"), acted as the Company's sole placing agent in respect of the Placing.\n \nApplication will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2023.\n \nThe Placing has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.\n \nTotal Voting Rights\n\nFollowing the issue of the Placing...