Premier warns Zulu lithium at risk without vote
Premier African Minerals asked investors to back two measures at a general meeting on Wednesday, October 30, warning that rejection would threaten the company’s survival. The lithium producer operates the Zulu plant in Fort Rixon and requires capital for expenses, debt payments, and equipment while negotiating broader financing. Managing director Graham Hill said the firm holds limited cash and must secure funds to meet obligations when they come due.
The first proposal allows directors to issue up to five billion ordinary shares over 24 months by suspending existing shareholder purchase rights. A second resolution permits the issuance of one billion additional shares within 12 months to convert Canmax’s rights. Hill said directors recommend approval because the actions preserve financial flexibility and serve shareholder interests. Failure to pass the resolutions creates uncertainty about asset realization and liability settlement through normal business operations.
