Business
Zulu Lithium Additional Funding
Zulu Lithium Additional Funding.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n\n30 August 2023 \nPremier African Minerals Limited\n \nZulu Lithium Additional Funding\nPremier African Minerals Limited (\"Premier\" or the \"Company\"), is pleased to announce a conditional subscription for new ordinary shares by Canmax Technologies Co., Ltd (\"Canmax\") to raise £5 million 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 (\"Subscription\").\n \nHighlights:\n\n\n\nØ\n\n\nThe Subscription, together with the Placing funds (as announced on 25 August 2023) funds remaining expected operational expenditure and any shortfall in remedial expenses not met by the plant supplier for first revenue forecast for November 2023.\n\n\n\n\n\nØ\n\n\nSubscription further not only confirms the commitment of Canmax, Premier largest shareholder, to the ultimate successful of Zulu, but is intended to facilitate increases in production capability.\n\n\n\n\nGeorge Roach, CEO commented, \"Our interests are aligned, our intentions are clear. Zulu must produce now, and we must look to expand the capacity. We deeply appreciate this Subscription, that is as positive a statement of support and alignment as we could ever have asked for.\"\nSubscription Agreement\n \nOn 28 August 2023, Premier and Canmax entered into a conditional subscription agreement (\"Subscription Agreement\") under which Canmax has conditionally agreed to subscribe £5 million before expenses for 1,428,571,428 new ordinary shares (\"Subscription Shares\") at an issue price of 0.35 pence within 15 business days following the entering into of the Subscription Agreement. On completion of the Subscription Canmax will be interested in 17.4 per cent in the enlarged issued share capital of Premier.\nConditions Precedent\nCompletion of the Subscription is conditional on the following:\n\n\n\ni. Within 15 Business Days of the date of the Subscription, written confirmation that Canmax has received all applicable outbound direct investment approvals and/or registrations from and/or with competent Chinese administrative authorities with respect to the Subscription; and\n\n\n\n\nii. Each of the standard warranties for a transaction ...