?253,000 Placing for Project Exploration
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
4 November 2014
Savannah Resources Plc
£253,000 Placing for Project Exploration
Savannah Resources plc, the AIM listed exploration and development company, advises that it has raised £253,000 (before expenses) through the placing ('Placing') of 5,689,400 new ordinary shares at a placing price of 4.45p per ordinary share ('Placing Shares') to new and existing investors.
Details of Placing
Application will be made for the Placing Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8.00 a.m. on or around 17 November 2014. Following Admission, the total issued share capital will consist of 192,270,280 ordinary shares. As such the total number of voting rights in the Company will be 192,270,280 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The net proceeds of the Placing will be used by the Group for its exploration programmes in Oman and Mozambique as well as for general working capital purposes. The Company's cash position at 31 October 2014 was approximately £0.8 million and does not include the proceeds of the Placing.
**ENDS**
For further information please visit www.savannahresources.com or contact:
|
David Archer |
Savannah Resources plc |
Tel: +44 20 7389 5019 |
|
James Biddle (Nominated Adviser) Charlie Cryer (Corporate Broker) |
RFC Ambrian Limited |
Tel: +44 20 3440 6800 |
|
Felicity Edwards/ Charlotte Heap |
St Brides Media & Finance Ltd |
Tel: +44 20 7236 1177 |
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM1 (published in 2008).
Savannah has interests in two copper projects in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits.
In addition, Savannah owns a 21.1% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc. Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project.
This information is provided by RNS
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