Business
Funding of Zulu Project
Funding of Zulu Project.
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 \n25 August 2023\nPremier African Minerals Limited\n \nFunding of Zulu Project\n \nThe Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce a placing and subscription today to raise £4,000,000 before expenses at an issue price of 0.35 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project (\"Zulu\") Pilot Optimisation where the Company is targeting revenue generating production by November 2023.\nGeorge Roach, CEO commented: \"Based on current projections this funding and the arrangements set out below is expected to see Zulu pass through the current interim remedial situation and allow the Company to reach target nameplate production at Zulu. \n \nI am appreciative of the support from our investors and from our Contractors who effectively are making their own statement of confidence going forward with this investment.\"\nContractor Settlement\nThe two biggest costs associated with Zulu ongoing development are in respect of the open pit mining contractor, JR Goddard Contracting (Pvt) Ltd and the Zulu design, procurement, installation, and commissioning contractor, Stark International Projects Limited (collectively the \"Contractors\"), who have now both agreed to collectively accept payment of a limited number of future invoices until the end of December 2023 (\"Term\") in new ordinary shares of the Company at the closing middle market price on the day prior to settlement (\"Settlement Shares\").\n \nPlacing\nPremier has today issued by way of a placing and direct subscription (\"Placing\"), conditional on admission, 1,142,857,143 new ordinary shares of nil par value (\"Placing Shares\") at a Placing price of 0.35 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. The placing was undertaken by CMC Markets UK Plc (\"CMC Markets\") acting as the Company's sole placing agent in respect of the Placing, and the direct institutional subscription was arranged by Fox-Davies Capital Limited.\n \nFor further details about CMC Markets UK Plc including their CMC CapX platform please visit https://www.cmcmarkets.com/capx.\n \nApplication will be made f...