Result of Accelerated Bookbuild and Subscription
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF SAVANNAH RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 14 OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED BY THE EUROPEAN UNION (WITHDRAWAL) ACT 2020 ("MAR").
27 June 2025
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ("Savannah" or the "Company")
Result of Accelerated Bookbuild and Subscription
Savannah Resources plc, the European lithium development company is pleased to announce that further to its announcement dated 26 June 2025 (the "Launch Announcement"), it has successfully completed the Placing, which has now closed. The Placing took place through an accelerated bookbuilding process managed by SP Angel Corporate Finance LLP as Global co-ordinator and joint bookrunner alongside Canaccord Genuity Limited, Caixa-Banco de Investimento, S.A and Alantra Equities, SV, S.A as joint bookrunners.
The Company has raised, in aggregate, a minimum of £4.24 million (US$5.81 million) (before expenses), from £2.22 million (US$3.04 million) through the Placing of 63,422,857 Placing Shares at the Issue Price of 3.5 pence per Placing Share and, pursuant to the Subscription, a minimum of £2.02 million (US$2.77 million) through the subscription for a minimum of 57,823,547 Subscription Shares also at the Issue Price (the "Subscription"). The final number of Subscription Shares to be subscribed for pursuant to the Subscription will only be determined following the completion of the Retail Offer, following which certain Subscribers may be scaled-back to maintain their percentage interests.
The Retail Offer remains open for individual investors until 4.30 p.m. on 1 July 2025 and the result of the Retail Offer and final results of the Subscription will be made as soon as practicable thereafter.
Savannah's Chief Executive Officer, Emanuel Proença said: "We are delighted and humbled by the support shown in Savannah's ongoing development of the Barroso Lithium Project by existing and new shareholders alike through this Placing and Subscription. Coupled with our existing cash resources, this modest but important fundraise gives Savannah a financial position of significant strength. As a result, we can continue to move ahead at speed with our development of the Project.
"My sincere thanks go to all those who have participated in this financing and shown their support for both Savannah and, in turn, Europe's wider efforts to execute its energy transition. The contribution from our four largest shareholders is greatly appreciated and clearly demonstrates their ongoing strong support for Savannah and the Project. We are also pleased to have received significant investment from Portuguese institutions, which further highlights the strong domestic support which the Project enjoys. Savannah is also delighted to welcome a number of new institutional investors onto our register from France and UK, which includes sector specialists. This multinational interest in the Project underlines the international efforts which are being made to expedite its development.
"Retail shareholders still have the opportunity to invest alongside these institutions through the separate offer announced yesterday, the result of which will be announced next week.
"This addition working capital will help us to progress work on multiple fronts which will feed into the current Definitive Feasibility Study and into our ongoing preparations for post-DFS workstreams. These include obtaining finance for the Project's construction, continuing to secure land associated with the Project, and further enhancing our team.
"With our financial position significantly strengthened, we look forward to updating all our shareholders, new and existing, with regular news on the Project's ongoing development as we seek to establish ourselves , and Portugal, as a long term, responsible producer of lithium raw material for Europe's battery value chain."
Admission to trading on AIM
The Placing and Subscription are conditional on the admission of the Placing Shares and Subscription Shares to trading on AIM ("Admission"). Application has been made to the London Stock Exchange for Admission of the 121,246,404 Placing Shares and Subscription Shares which is expected to become effective and dealings in the Placing Shares and Subscription Shares commence at 8.00 a.m. on 2 July 2025.
The issuance of the Placing Shares and Subscription Shares will be made from the authorities granted to Directors to issue Ordinary Shares at the Annual General Meeting of the Company held on 10 June 2025.
A further announcement regarding the Admission of the Retail Offer Shares and additional Subscription Shares will be made in due course.
Related Party participation in the Subscription
Two Directors have subscribed for an aggregate of 1,000,002 Subscription Shares at the Issue Price for an aggregate amount of approximately £35,000 as set out below:
|
Director |
Current Shareholding |
Subscription Number of Subscription Shares |
Resulting Shareholding |
|
Rick Anthon |
0 |
714,286 |
714,286 |
|
Dale Ferguson* |
4,701,986 |
285,716 |
4,987,702 |
*Mr Dale Ferguson, the Company's Technical Director, is also a Director of and minority shareholder in Slipstream Resources Investments Pty Ltd.
In addition, AMG Lithium B.V. (a wholly owned subsidiary of Euronext Amsterdam-listed AMG Critical Materials N.V), Al Marjan Limited, Grupo Lusiaves SGPS, S.A., Mário Nuno dos Santos Ferreira, all substantial shareholders in the Company, have each subscribed for Subscription Shares at the Issue Price as follows:
|
Substantial Shareholder |
Current Shareholding |
Subscription Number of Subscription Shares |
Resulting Shareholding |
|
AMG lithium B.V.* |
342,612,420 |
19,118,657 |
361,731,077 |
|
Al Marjan Limited |
275,762,589 |
9,142,857 |
284,905,446 |
|
Grupo Lusiaves SGPS, S.A.* |
218,785,909 |
12,208,818 |
230,994,727 |
|
Mário Nuno dos Santos Ferreira* |
217,277,421 |
12,124,640 |
229,402,061 |
* The total number of Subscription Shares issued to such Subscribers may be subject to scale-back, following the completion of the Retail Offer, to ensure that their percentage shareholding is maintained on completion of the Fundraise.
The updated percentage holdings of the Company's Directors and significant shareholders will be disclosed in due course along with the result of the Retail Offer.
Related Party Transaction
Rick Anthon, Dale Ferguson, AMG Lithium BV, Al Marjan Limited, Grupo Lusiaves SGPS, S.A. and Mário Nuno dos Santos Ferreira are, respectively, Directors of and substantial shareholders in the Company (the "Related Parties") and their participation in the Subscription constitutes a related party transaction in accordance with AIM Rule 13. Emanuel Proença, Diogo da Silveira and Bruce Griffin are not participating in the Subscription and are therefore considered independent Directors for these purposes, having consulted with the Company's Nominated Adviser, consider the terms of the Related Parties' participation in the Subscription to be fair and reasonable insofar as Savannah's shareholders are concerned.
Note
Defined terms used in this announcement shall have the same meaning as in the Launch Announcement dated 26 June 2025 unless otherwise defined herein.
Savannah - Enabling Europe's energy transition.
**ENDS**
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For further information please visit www.savannahresources.com or contact:
|
Savannah Resources PLC Emanuel Proença, CEO |
Tel: +351 963 850 959
|
|
SP Angel Corporate Finance LLP (Nominated Adviser, Broker, Global coordinator & Joint Bookrunner) David Hignell/ Charlie Bouverat (Corporate Finance) Grant Barker/Abigail Wayne (Sales & Broking)
|
Tel: +44 20 3470 0470
|
|
Canaccord Genuity Limited (Joint Broker & Joint Bookrunner) James Asensio / Charlie Hammond (Corporate Broking) Ben Knott (Sales) |
Tel: +44 20 7523 8000
|
|
Caixa-Banco de Investimento, S.A (Joint Bookrunner) Paulo Serpa Pinto/ Renato Soares (Capital Markets) Sofia Cordeiro (Sales) |
Tel: +351 21 313 73 00 |
|
Alantra Equities, SV, S.A (Joint Bookrunner) Andre Pereira (Equity Capital Markets) |
Tel: +34 91 550 8708 |
|
Portugal Media Relations Savannah Resources: Antonio Neves Costa, Communications Manager |
Tel: +351 962 678 912 |
About Savannah
Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project (the 'Project') in northern Portugal. The Project is the largest battery-grade spodumene lithium resource outlined to date in Europe and was classified as a 'Strategic Project' by the European Commission under the Critical Raw Materials Act in March 2025.
Through the Project, Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe's lithium battery value chain. Once in operation, the Project will produce enough lithium (contained in c.190,000tpa of spodumene concentrate) for approximately half a million vehicle battery packs per year and hence make a significant contribution towards the European Commission's Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production from 2030. Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||||||||
|
a) |
Name: |
1. Rick Anthon 2. Dale Ferguson 3. Henrique Freire 4. Michael McGarty |
||||||||||
|
2. |
Reason for the notification |
|||||||||||
|
a) |
Position/status: |
1. Chairman 2. Technical Director 3. Chief Financial Officer 4. Chief Corporate Officer |
||||||||||
|
b) |
Initial notification/Amendment: |
|
||||||||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||||||
|
a) |
Name: |
Savannah Resources Plc |
||||||||||
|
b) |
LEI: |
213800UCK16HW5KKGP60 |
||||||||||
|
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. |
|||||||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary Shares of £0.01 each
ISIN: GB00B647W791 |
||||||||||
|
b) |
Nature of the transaction: |
Subscription for Subscription Shares |
||||||||||
|
c) |
Price(s) and volume(s): |
|
||||||||||
|
d) |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above
|
||||||||||
|
e) |
Date of the transaction: |
27 June 2025 |
||||||||||
|
f) |
Place of the transaction: |
Outside a trading venue |
||||||||||
IMPORTANT INFORMATION
This Announcement has been issued by, and is the sole responsibility of, the Company. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Joint Bookrunners or by any of their respective Affiliates as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.
This Announcement does not constitute, or form part of, a prospectus relating to the Company, nor does it constitute or contain any invitation or offer to any person, or any public offer, to subscribe for, purchase or otherwise acquire any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it form the basis of or be relied on in connection with any contract or as an inducement to enter into any contract or commitment with the Company. In particular, the Placing Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or qualified for sale under the laws of any state of the United States or under the applicable laws of any of Canada, Australia, the Republic of South Africa, or Japan and, subject to certain exceptions, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the Securities Act) or to any national, resident or citizen of Canada, Australia, the Republic of South Africa or Japan. The issue of the Placing Shares does not require any registration, notification or authorisation in Spain or the European Union.
The distribution or transmission of this Announcement and the offering of the Placing Shares in certain jurisdictions may be restricted or prohibited by law or regulation. Persons distributing this Announcement must satisfy themselves that it is lawful to do so. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken by the Company or the Joint Bookrunners that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and the Joint Bookrunners to inform themselves about, and to observe, such restrictions. In particular, this Announcement may not be distributed, directly or indirectly, in or into the United States, Canada, the Republic of South Africa, Australia or Japan. Overseas Shareholders and any person (including, without limitation, nominees and trustees), who have a contractual or other legal obligation to forward this document to a jurisdiction outside the UK should seek appropriate advice before taking any action.
This Announcement contains "forward-looking statements" which includes all statements other than statements of historical fact, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could", "indicative", "possible" or similar expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this Announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the AIM Rules.
No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings or losses per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings or losses per share of the Company.
SP Angel Corporate Finance LLP ("SP Angel"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting as nominated adviser to the Company for the purposes of the AIM Rules in connection with the Placing and, as nominated adviser, its responsibilities are owed solely to the London Stock Exchange and are not owed to the Company or its Directors or to any other person or entity. SP Angel will not be responsible to any person other than the Company for providing the protections afforded to clients SP Angel or for providing advice to any other person in connection with the Fundraising or any acquisition of shares in the Company. SP Angel is not making any representation or warranty, express or implied, as to the contents of this Announcement. SP Angel has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by SP Angel for the accuracy of any information or opinions contained in this Announcement or for the omission of any material information.
Canaccord Genuity Limited ("Canaccord") is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting exclusively for the Company and no one else in connection with the Placing and other matters referred to in this Announcement, and Canaccord will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to the clients of Canaccord or for providing advice in relation to the Placing or any other matters referred to in this Announcement. Canaccord is not making any representation or warranty, express or implied, as to the contents of this Announcement. Canaccord has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by Canaccord for the accuracy of any information or opinions contained in this Announcement or for the omission of any material information.
Alantra Equities, SV, S.A ("Alantra") is authorised and regulated by the Comisión Nacional del Mercado deValores (CNMV) and is registered as an investment services firm in the CNMV Register under the number 245. Alantra is acting exclusively for the Company and no one else in connection with the Placing and other matters referred to in this Announcement, and Alantra will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to the clients of Alantra or for providing advice in relation to the Placing or any other matters referred to in this Announcement. Alantra is not making any representation or warranty, express or implied, as to the contents of this Announcement. Alantra has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by Alantra for the accuracy of any information or opinions contained in this Announcement or for the omission of any material information.
Caixa - Banco de Investimento, S.A. ("CaixaBI") is a credit institution registered at the Bank of Portugal under number 025, and a financial intermediary authorized to provide brokerage services since 29/07/1991, registered at the Portuguese Securities Market Commission under number 102. CaixaBI is acting exclusively for the Company and no one else in connection with the Placing and other matters referred to in this Announcement, and CaixaBI will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to the clients of CaixaBI or for providing advice in relation to the Placing or any other matters referred to in this Announcement. CaixaBI is not making any representation or warranty, express or implied, as to the contents of this Announcement. CaixaBI has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by CaixaBI for the accuracy of any information or opinions contained in this Announcement or for the omission of any material information.
Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Announcement.
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