Premier African Minerals Limited, BVI-based and AIM-traded mining and resource development company working in Southern and Western Africa, announced an underwritten offer to raise approximately £3.5mln before expenses, at 0.3 pence per new ordinary share. The offer, which is available only through PrimaryBid.com on a “first come, first served” basis, received a strong response from private and institutional investors. Having been opened on 29 September 2017, it was closed on 1 October with £3,500,000 gross proceeds raised.
Premier African Minerals will issue additional 654,761,906 new Ordinary Shares at 0.3p each, above the shares already issued in regard to the swap agreement. The shares already issued in regard to the agreement will be repurchased by the company and re-issued to subscribers under the offer. Following the issue of the new shares, the BVI company will have 6,248,216,350 ordinary shares in issue.
The application will be made for the new shares to be admitted to trading on AIM and admission is expected to be received on or around 6 October 2017.