Savannah formally appoints Moz country manager, geologist
JOHANNESBURG (miningweekly.com) – Aim-listed exploration and development company Savannah Resources on Wednesday formally appointed Paul O'Donoghue Savannah Mozambique country manager.
“O’Donoghue is a founder of Matilda Minerals, a long-term resident of Mozambique, fluent in Portuguese and managed the successful implementation of last year's Jangamo drilling programme. He is doing a first-class job leading our activities in the country, Savannah CEO David Archer said.
Savannah owned 80% of Matilda Minerals, through which it operated the Jangamo exploration licence.
The company also announced on Wednesday the appointment of geologist Dr Durair A'Shaikh.
“A’Shaikh is an internationally recognised expert in the genesis of base-metal deposits, has published extensively and will add to the geological capability of Savannah's team. His appointment supports our stated strategy of becoming a multicommodity-focused exploration and development group,” Archer added.
Following their appointments, O’Donoghue and A’Shaikh could each receive up to 1.5-million share options with a strike price of 8.81p, which represented a 35% premium to the 30-day volume-weighted average price.
Savannah explained that there were performance conditions attached to the receipt of the 1.5-million share options.
“[O’Donoghue and A’Shaikh will receive] 500 000 options on signature of their contracts, 500 000 options following the completion of a corporate transaction, or the announcement of an applicable Joint Ore Reserves Committee-compliant mineral resource, and 500 000 options on completion of 12 months' service,” the company said.
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