Premier African raises another £1m due to strong institutional interest

(Sharecast News) - Premier African Minerals announced on Friday that it had raised a fresh £1m, due to strong institutional interest in its fundraising announced on 11 April. The AIM-traded firm said the extra funds were raised through a direct subscription of 588,235,294 new shares for 0.17p each.

CMC Markets UK acted as its placing agent for the subscription, which was arranged within the company's existing share authorities.

Premier said it would use the proceeds primarily to support ongoing mining operations at the Zulu lithium and tantalum project, and for general working capital.

Following issue of the subscription shares, the firm's issued share capital would consist of 29,616,938,211 ordinary shares, all with voting rights.

At 1421 BST, shares in Premier African Minerals were down 3.63% at 0.19p.

Reporting by Josh White for Sharecast.com.