Savannah raises cash for project pipeline
JOHANNESBURG (miningweekly.com) – Aim-quoted Savannah Resources has potentially raised £2.1-million in gross proceeds for its project pipeline in Africa and Europe, the company reported on Tuesday.
The fundraising comprised new and existing investors subscribing for 27 636 361 new shares at 5.5p a share, for gross proceeds of £1.52-million.
Savannah, which is currently in a closed period that restricts directors and applicable employees from trading in its shares, has also received letters of intent for a further £580 000. If the letters of intent are acted upon when the company exits the closed period, Al Marjan, the company’s largest shareholder, will have a shareholding of 28.2% following a subscription of £565 000.
The net proceeds of the fundraising would be used for drilling at the Mina do Barroso lithium project, in Portugal, where reverse circulation and diamond core drilling programmes are under way.
The funds raised will also be used to advance the company's copper mine development in Oman, as well as for the preliminary feasibility study of the Mutamba heavy mineral sands project, in Mozambique.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation