Premier African Minerals Ltd on Friday said it has accepted the subscription of further shares following strong institutional interest.

The African-focused metals and mineral project developer will issue 588.2 million shares at a price of 0.17 pence each to raise approximately £1 million.

This latest round of funding follows two previous efforts earlier in April and in February, which raised a total of £4.5 million.

Most of the additional funding is expected to go towards the company’s Zulu lithium and tantalum project in Zimbabwe.

An application will be made for the shares to be admitted to trading on AIM with admission expected to occur around April 19.

Premier African shares were down 3.6% to 0.19 pence each in London on Friday morning.

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