Aim-listed Premier African Minerals has confirmed the completion of the subscription agreement by Suzhou TA&A Ultra Clean Technology to raise £12-million at an issue price of 0.4p per new ordinary share for the ongoing definitive feasibility study (DFS) at Premier's Zulu lithium and tantalum project, in Zimbabwe.
The Zulu project is a large undeveloped lithium-bearing pegmatite in Zimbabwe, comprising 14 mineral claims covering a surface area of 3.5 km2, which are prospective for lithium and tantalum mineralisation.
"Premier has already taken steps to expedite issues associated with resource definition needed to complete mine optimisation and test work and we will continue to accelerate all aspects of the DFS [that is] under way,” Premier CEO George Roach said on March 29.
Upon completion of the subscription, Suzhou TA&A will have the right to appoint one director to serve on the boards of Premier, Zulu Lithium Mauritius and Zulu Lithium Private. Geologist Dr Luo Wei has therefore been invited to join the boards of Premier, Zulu and Zulu Lithium Mauritius.
In the interim, Wei will have observer rights of the day-to-day operations of the companies, including without limitation, access to any information on Zulu.
Wei has 23 years of experience as a geologist, having worked in senior engineer positions for the past 12 years in a variety of locations.
He has experience in the discovery and exploration of precious, nonferrous and base metal mineral resources internationally, including the Democratic Republic of Congo, Nigeria, Pakistan, South-East Asia and China.