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Premier African raises another £0.5mln but that's it for now

The company issued 100mln shares at 0.5p with the money to provide support until the tungsten miner starts to generate its own cash.

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George Roach, chief executive, said the money would also allow it asses opportunities to expand

Premier African Minerals (LON:PREM) has raised a further £500,000 to provide working capital while it its RHA tungsten mine in Zimbabwe comes on line, but does not expect any more fundings.

The company issued 100mln shares at 0.5p with the money to provide support until the tungsten mine starts to generate its own cash.

George Roach, chief executive, said the money would also allow it asses opportunities to expand its portfolio of assets.

Positive operational cash flow from RHA is expected this spring, he repeated, and “we do not currently anticipate any further need to approach the market for finance to support general working capital in this period.”

Quick facts: Premier African Minerals Ltd

Price: 0.0625 GBX

AIM:PREM
Market: AIM
Market Cap: £7.15 m
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