Business
Placing and Funding of Zulu DFS Drill Programme
Placing and Funding of Zulu DFS Drill Programme.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 6518A\n Premier African Minerals Limited\n 03 June 2021\n \n \n \n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \n \n For immediate release\n \n \n \n \n \n 3 June 2021\n \n \n Premier African Minerals Limited\n \n \n \n \n \n Placing and Funding of Zulu DFS Drilling Programme\n \n \n \n \n \n The Board of Premier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce a placing today to raise £1,000,000 before expenses at an issue price of 0.16 pence per new ordinary share for the ongoing Definitive Feasibility Study (\"DFS\") at the Company's Zulu Lithium project in Zimbabwe (\"Zulu\").\n \n \n \n George Roach, CEO commented\n \n : \"The detailed planning, construction of the exploration camp, road repairs and location of equipment to site, and other work associated with the resource expansion and definition drilling for the DFS at Zulu is progressing and to date has been funded from Premier's retained cash resources. This placement is intended to ensure two definitive objectives.\n \n \n \n \n \n · \n That there is no interruption to the work in progress at Zulu, and\n \n \n ·\n Allow additional time to both enhance value through the DFS, and comprehensively and without any pressure assess other options available to fund the balance of the DFS.\n \n \n \n \n \n It is worth noting that this placement today represents a nominal dilution of approximately 3.5% and is a small price to pay for retention of 100% of Zulu and the potential upside from the Exclusive Prospecting Order.\n \n \n \n \n \n I expect to report details of early drilling later this month together with updates on RHA Tungsten Private Limited, MN Holding Limited, Circum Minerals limited and other developments.\"\n \n \n \n \n \n Placing\n \n \n \n \n \n Premier has today issued by way of a placing (\"Placing\"), conditional on admission, 625,000,000 new ordinary shares of nil par value (\"Placing Shares\") at a Placing price of 0.16 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Monecor (London) Ltd, trading as ETX Capital (\"ETX Capital\"), acted as the Company's sole placing agent in respect of the Placing.\n \n \n \n \n \n Applicatio...