JOHANNESBURG (miningweekly.com) – Aim-listed Premier African Minerals' offer, made on Friday, to raise £1.5-million, at 0.5p per new ordinary share, received a very strong response from private and institutional investors, with the offer being oversubscribed.
The offer was on a first come, first served basis and was closed early on March 26, once £2-million had been surpassed and the offer having already been 34% oversubscribed by that time.
Premier will issue and allot 402-million ordinary shares at an issue price of 0.5p each to satisfy the offer.
CEO George Roach said the company was pleased with the support it received from investors.
“This fundraise enables expedited execution of the additional drilling that is under way at Zulu Lithium and our limestone deposit in Mozambique. When [our] RHA [mine] meets its guidance and a liquidity event occurs at Circum, we are unlikely to need further operational funding for any operations at any existing projects in the current calendar year.”