JOHANNESBURG (miningweekly.com) – Aim-listed Savannah Resources has raised £1.75-million through the placing of nearly 98.3-million ordinary shares of 1p each at a placing price of 1.78p a share to existing investor Al Marjan.
Funds would predominantly be used to fund the development of the company’s copper projects in Oman, with production targeted to start in late 2017.
Al Marjan would become Savannah’s largest shareholder at 29.99%.
It was envisaged that it would appoint two nominees and an alternate for each nominee to the Savannah board.
“We are delighted to see very solid support for Savannah’s investment case with this significant follow-on investment by Al Marjan, which joined the share register late last year and is strongly supportive of the company’s growth strategy,” said Savannah CEO David Archer.
The placing would be executed in two tranches.