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AIM-traded multi-commodity mining and resource development company Premier African Minerals Limited has raised around £1 million for the advancement of its partly-owned Zulu lithium project in Zimbabwe.

The offer was made exclusively available through PrimaryBid.com.

“The Offer received a very strong response from private as well as institutional investors and was oversubscribed. The Offer was on a “first come, first served” basis and was closed early at 7.02pm on 20 November 2017 once a total of £1 008 125 was surpassed.

“The company is delighted to announce that following excess demand, the aggregate subscription amount of the Offer has been increased. The Company has raised gross proceeds of £1 008 125 through the Offer,” said the mining group.

The Zulu Lithium and Tantalum Project is located 80 kilometres from Bulawayo in Zimbabwe. The project is generally regarded as potentially the largest undeveloped lithium bearing pegmatite in Zimbabwe.

The project comprises 14 mineral claims covering a surface area of 3, 5 km2 which are prospective for lithium and tantalum mineralisation.

“Premier will continue to advance the Zulu Project whilst negotiating the best development strategy for the project. — BH24