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REGIONAL focused mining exploration company, Premier African Minerals, says it successfully raised £2 million through a rights offer.

The raised funds will be utilised for the operationalisation of its Zulu lithium project near Bulawayo.

This comes on the back of an announcement at the beginning of last month by the firm that had identified a wide and well mineralised central zone within its Zulu lithium deposit.

The funds will also be utilised for the development of the company’s limestone project in neighbouring Mozambique.

The £2 million was raised at 0.5 pence per share. Commenting on the development, Premier CEO Mr George Roach said:

“We are very pleased with the support we have received from both existing and new institutional and private investors for this offer via Primary Bid. This fundraising enables expedited execution of the additional drilling underway at Zulu Lithium and our limestone deposit in Mozambique.”

“When RHA meets the guidance set out in our RNS of 30 January 2017, and a liquidity event occurs at Circum, Premier is unlikely to need further operational funding for any operations at any existing projects in the current calendar year.”

Meanwhile, following the discovery of the mineralised central zone at Zulu, the company has indicated that exploration efforts will now be focused on building data on this zone into a maiden resource statement.

Located in south-central Zimbabwe, Zulu is an advanced exploration project located in an area of known REE mineralisation. Historical exploration results have established Zulu as prospective for lithium and tantalum. — BH24