REGIONALLY-focused multi-commodity mining and resource development company, Premier African Resources, has raised additional capital amounting to £600 000 following an exercise of loan notes by Darwin Capital Ltd.
To this extent, Darwin Capital took 294,6 million new shares priced at 0,203634 pence each. The funds are expected to be utilised to operationalise Premier’s flagship projects in Zimbabwe.
The AIM-listed firm has fluorspar, REE, tantalum, lithium and Tungsten projects in Zimbabwe. It is also exploring projects in Togo and Benin.
This latest capital raise comes as Premier recently announced what it termed “encouraging initial results” from drilling at the Zulu lithium and tantalum project in Zimbabwe.
Said Premier CEO Mr George Roach: “These latest assay results from Zulu are very encouraging indeed and we await the balance of the drill-hole results from this extensive drilling programme over the 3,5km strike of the Zulu deposit drilled to date.
“When all results are in, the company intends to issue a maiden lithium resource report on what the company sees as a project of significance.”
“We have seen lithium bearing pegmatites (mainly spodumene and petalite) to vertical depths of over 200 metres and along the entire strike length of some 3,5km, with some holes showing visible lithium mineralisation over drilled widths of up to 37 metres.”
Meanwhile, Premier has said the remaining, un-exercised, loan notes are presently worth a further £675 000. — BH24