Aim-listed Premier African Minerals says Canmax Technologies has received Chinese regulatory approval for its subscription under which Premier has raised a further £5-million before expenses for the ongoing Zulu lithium and tantalum project optimisation, as announced last month.
The subscription had been arranged within the company’s existing share authorities and the 1.4-billion new ordinary shares will, when issued, rank pari passu in all respects with the existing ordinary shares.
Application has been made for the subscription shares to be admitted to trading on Aim and admission is now expected to take place on or around September 15.
Following the issue of the subscription shares, the company’s issued share capital will consist of 25.4-billion ordinary shares, with voting rights.