Premier African Minerals closed a $3 million funding round for the Zulu Lithium Project

As announced earlier this week, Premier African Minerals Ltd has successfully raised £2.4 million (around $3 million) through a share offer to fund the Zulu Lithium Project, with participation from two institutional investors. The CEO George Roach states that the company is on schedule to commence revenue-generating production by February 2024, following the expected completion of a 55-tons-per-hour ball mill by early 2024. Additionally, Premier African has conditionally settled a $2.5 million invoice with a mining contractor by issuing new ordinary shares. Amid the ongoing doubts of external shareholders, the CEO expresses confidence in reaching production by February 2024 and gratitude towards the investors and the mining contractor for their support and flexibility except that no further information regarding the institutional investors, such as their profiles, the lock-in periods and conditions, is mentioned.