JOHANNESBURG (miningweekly.com) – Aim-listed Premier African Minerals received a strong response to its offer to raise £500 000 at 0.4p apiece, with the offer oversubscribed.
The offer closed early when £1-million was surpassed, with Premier now issuing 252-million shares, which will rank equally with the company's existing ordinary shares. The shares are expected to start trading on November 27.
Following the issue, Premier will have 6.5-billion shares in issue.
CEO George Roach said the company would now continue to advance its Zulu project, while negotiating the best development strategy.
“The support we received will allow the company to proceed with further development of Zulu that has the potential to add significant value.
“Our mining and exploration activities continue as usual in Zimbabwe, and we look forward to building on the strong relationships developed in Zimbabwe. I am pleased that we continue to make progress at the RHA tungsten mine and look forward to a comprehensive update on that project in the coming week,” he added.