Funding
Premier African Minerals Limited has successfully raised approximately £550,000 before expenses through the issuance of 4,000,000,000 new ordinary shares at 0.01375 pence per share. This funding will provide essential working capital for ongoing operational requirements at the Zulu Lithium and Tantalum Project, including mining and stockpiling activities, while the company continues constructive discussions with Canmax Technologies Co., Ltd regarding an extension of the Long Stop Date. The net proceeds will also support essential creditors and general working capital. Following this issuance, the company's total issued share capital will be 50,074,267,822 ordinary shares.
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Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £550,000 before expenses through the issue of 4,000,000,000 new ordinary shares of nil par value in the capital of the Company at an issue price of 0.01375 pence per new ordinary share (the "Issue Price").
Following the Company's recent update regarding the Zulu Lithium and Tantalum Project ("Zulu"), the Board remains focused on maintaining operational continuity across both Premier and Zulu while constructive discussions continue with Canmax Technologies Co., Ltd ("Canmax") regarding an extension of the Long Stop Date.
Graham Hill, Managing Director, commented: "This funding provides important working capital to contribute towards ongoing operational requirements at Zulu, including the continuation of mining and stockpiling activities, while the Company progresses its constructive discussions with Canmax regarding an extension of the Long Stop Date.
The Board remains firmly focused on advancing Zulu towards sustained production and commercial operation and believes the Subscription will support continued progress and preparations for the next production and optimisation campaign once a revised operating timetable has been confirmed.
The Company will provide shareholders with a further update once discussions with Canmax have concluded or upon any material development".
Subscription
Premier has today issued, by way of a direct subscription arranged by the Company (the "Subscription") and conditional on admission, 4,000,000,000 new ordinary shares of nil par value (the "Subscription Shares") at the Issue Price. The Subscription Shares will, when issued, rank pari passu in all respects with the Company's existing ordinary shares.
The Subscription Shares are being issued within the Company's existing share authorities. The net proceeds of the Subscription will be used principally to support operating expenditure at Zulu, the continuation of mining and stockpiling activities, the management of essential creditors at Zulu and the Company's general working capital requirements.
Admission
Application has been made for the Subscription Shares to be admitted to trading on AIM. Admission is expected to take place on or around 3 August 2026.
Total Voting Rights
Following the issue of the Subscription Shares, the Company's issued share capital will consist of 50,074,267,822
ordinary shares with voting rights.
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