Premier African Minerals Ltd. revealed plans to seek shareholder approval for issuing tens of billions of new shares to support funding for its Zulu Lithium and Tantalum Project in Zimbabwe and to strengthen its financial position.
The company has called a general meeting for 23 September, where shareholders will vote on key proposals, including the authority to issue up to 58.63 billion ordinary shares to back its operational and funding plans for the Zulu project.
Additionally, Premier plans to issue up to 5.40 billion shares to settle outstanding creditor obligations, including debts of approximately US$880,000 to J R Goddard Contracting and US$289,064 to China Zenith Capital. Another resolution will seek approval to issue up to 8.57 billion shares to Canmax Technologies under existing conversion rights.
The company’s current financial forecast indicates a funding need of around US$19.1 million through to the end of 2027. The proposed initial share issuance would provide capacity to raise approximately US$12.7 million, based on a share price of 0.016p. To reduce the large number of shares currently in issue, shareholders will also be asked to approve a further 10-for-one share consolidation, cutting down the more than 50 billion shares outstanding.
Premier cautions that its funds are limited and additional financing is essential to meet obligations. The company warns that failure to secure necessary funding could materially impact both the progress of the Zulu project and the group’s overall financial position.
This announcement follows a recent drop in Premier’s share price, which fell more than 27% to 0.1p on Friday, 4th September 2026, amid the news of the proposed share issuance.
The company urges shareholders to participate in the upcoming meeting and support the measures designed to advance the Zulu project and stabilize Premier’s financial health.
