Premier African Minerals says that Canmax Technologies, its largest shareholder, has obtained regulatory approval from China, which allows it to secure an additional £5 million ($6.2 million) that will be utilised for the ongoing optimisation of the Zulu lithium and tantalum project in Zimbabwe.
The subscription was approved using the company's already established share authority.
Once issued, the 1,4 billion new ordinary shares will have the same standing as the existing ordinary shares.
The multi-commodity mining and natural resource development company said that it had submitted a request for the subscription shares to be admitted to trading on AIM.
Anticipation is high for admission, which is expected to take place on or around September 15.
After the subscription shares have been issued, the company's share capital will be comprised of 25.4 billion ordinary shares, all endowed with voting rights.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
