Result of Accelerated Bookbuild and Subscription
Summary by AI BETAClose X
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 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 does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Savannah Resources plc or other evaluation of any securities of Savannah Resources plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.
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 ("UK MAR"). In addition, market soundings (as defined in UK MAR) were taken in respect of certain of the matters contained in this Announcement, with the result that certain persons became aware of such inside information, as permitted by UK MAR. Upon the publication of this Announcement, this inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information.
23 September 2026
Savannah Resources Plc
(AIM: SAV) (‘Savannah’, or the ‘Company’)
Result of Accelerated Bookbuild and Subscription
Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal, a 'Strategic Project' under the European Critical Raw Materials Act and Europe's largest spodumene lithium deposit, is pleased to announce that further to its announcement dated 22 September 2026 (the “Launch Announcement”), it has successfully completed the Placing, which has now closed. The Placing, which generated strong demand and was significantly oversubscribed, took place through an accelerated bookbuilding process managed by SP Angel, Canaccord, Alantra and CaixaBank as Joint Global Co-ordinators.
The Company has raised, in aggregate, a minimum of US$36.0 million (£26.9million) (before expenses), from US$23.3 million (£17.5 million) through the Placing of 317,539,150 Placing Shares at the Issue Price of 5.5 pence per Placing Share and, pursuant to the Subscription, up to US$12.7 million (£9.5 million) through the Subscription for up to 172,097,743 Subscription Shares also at the Issue Price. The final number of Subscription Shares to be subscribed pursuant to the Subscription will only be determined following the completion of the Retail Offer, following which certain Subscribers may be adjusted to such number of Subscription Shares required in order to maintain their percentage interests.
Savannah's Chief Executive Officer, Emanuel Proença said: "Savannah continues to experience strong support from a deep and diverse pool of existing and new investors as it moves ever closer to construction and first production at the Barroso Lithium Project. All at Savannah greatly appreciate the trust shown by our investment community, which spreads across Iberia, Europe, the UK and beyond, in our ability to deliver the Project and generate significant value for shareholders and all the stakeholders in the Project.
“With the US$36.0 million raised in this significantly oversubscribed Placing, supplementing our existing cash reserves, we can move forward as planned to a Final Investment Decision (‘FID’) on the Project in 2027 and maintain our current momentum by being able to finance other key workstreams, such as long lead item orders, initial groundworks, Project Finance fees and key personnel hires.
“The remainder of the year will be another very busy period for the Company as we look to secure our second offtake partner, submit the RECAPE to Portugal’s environmental regulator, obtain conditional Project Finance offers and progress key technical workstreams. In so doing we will be preparing the way for FID, financing completion and the initiation of construction next year.
“These are exciting times for everyone involved with Savannah and its goal of lithium production in Portugal.”
The net proceeds of the Fundraise, together with existing cash reserves of US$15.5 million (as at 31 July 2026) will be allocated as follows:
- US$17.0 million for project development, including vendor data and notice to start fabrication and long-lead items, groundworks ahead of access road construction, conditional grant of EPCM contract and bulk earthworks contracts, and FEED processing plant and infrastructure engineering.
- US$9.0 million for general and administrative costs, including team development to strengthen the Company’s capabilities and readiness for construction (from ~40 to ~80 employees), implementation of a new Enterprise Resource Planning system and the potential costs of dual listing on a recognised stock exchange.
- US$6.5 million for completion of project finance, including upfront fees, and additional offtake agreements.
- US$1.7 million for RECAPE (environmental licence) submission, application for industrial permits, and bypass road design
- US$1.5 million geotechnical and resource-related work including completion of geotechnical drilling for project infrastructure and additional resource drilling.
- US$1.0 million to secure land use rights.
- US$0.7 million for ongoing community-related initiatives.
- US$4.0 million for de-risking project delivery, including early start of medium-lead items and potential additional work required by project finance lenders.
- US$9.1 million for additional working capital, including contingency and six months’ time buffer.
The Retail Offer remains open for individual investors until 5.00 p.m. on 24 September 2026 and the result of the Retail Offer and final results of the Subscription will be made as soon as practicable thereafter.
Capital Access Window
As detailed in the Launch Announcement, the Company entered a Capital Access Window at 7:30 a.m. BST on 21 September 2026, in order to reach a broader range of investors during the Fundraise. It is intended that the Capital Access Window will remain open until after the Retail Offer has closed (expected at 5.00 p.m. on 24 September 2026), with normal trading in the Company's existing Ordinary Shares expected to resume at 8.00 a.m. on 25 September 2026.
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 317,539,150 Placing Shares, the 172,097,743 Subscription Shares and the Retail Offer Shares, which are expected to become effective and dealings in the Placing Shares, the Subscription Shares and the Retail Offer Shares on AIM will commence at 8.00 a.m. on 28 September 2026.
Substantial shareholder and Senior Management participation in the Subscription
Substantial shareholders AMG Lithium B.V., Al Marjan Ltd, Pluris Investments S.A. and Telmory LDA have each subscribed for Subscription Shares at the Issue Price as follows:
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Substantial Shareholder |
Pre-Fundraise shareholding |
Number of new Shares* |
Resultant shareholding in the Company |
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AMG Lithium B.V. |
400,808,711 |
76,200,569 |
477,009,280 |
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Al Marjan |
278,405,446 |
3,400,000 |
281,805,446 |
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Pluris Investments S.A. |
269,747,505 |
41,818,181 |
311,565,686 |
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Telmory LDA |
257,482,019 |
48,951,721 |
306,433,740 |
* The total number of Subscription Shares issued to such Subscribers may be adjusted, following the completion of the Retail Offer, to ensure that their percentage shareholding is maintained on completion of the Fundraise.
In addition, certain members of the Company’s senior management and team have subscribed for approximately 636,363 Subscription Shares at the Issue Price for an aggregate amount of up to approximately US$47,000 (£35,000).
The updated percentage holdings of the significant shareholders will be disclosed in due course along with the result of the Retail Offer.
Defined terms used in this announcement shall have the same meaning as in the Launch Announcement unless otherwise defined herein.
Savannah – Enabling Europe’s energy transition.
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources.com or contact:
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Savannah Resources PLC Emanuel Proença, CEO Asa Bridle, Investor Relations António Neves Costa, Media Relations
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Tel: +351 963 850 959 Tel: +44 207 117 2489 Tel: +351 962 678 912
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SP Angel Corporate Finance LLP (Nominated Advisor, Joint Broker & Joint Global Co-Ordinator) David Hignell / Charlie Bouverat (Corporate Finance) Grant Barker /Abigail Wayne (Sales & Broking)
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Tel: +44 20 3470 0470
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Canaccord Genuity Limited (Joint Broker and Joint Global Co-ordinator) James Asensio / Rory Blundell / Charlie Hammond (Corporate Broking) Sam Lucas / Darren Furby (Equity Capital Markets)
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Tel: +44 20 7523 8000
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Alantra Equities, SV, S.A. (Joint Global Co-ordinator) Andre Pereira / Oscar Sanchez / Diogo Cabral (Equity Capital Markets) Pedro Garnica (Sales) |
Tel: +34 91 550 8708 |
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CaixaBank S.A. (Joint Global Co-ordinator) Íñigo Bastarrica / Ignacio Peña / Pablo Rodríguez-Guanter (Equity Capital Markets) José Rito / Sergio Godinho (Sales) |
Tel: +34 68 341 5713 |
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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 and was approved for a Portuguese State development Grant of up to €110m in January 2026.
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.183,000tpa 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.
The Company is listed and regulated on the AIM Market of the London Stock Exchange and trades under the ticker "SAV".
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
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1. |
Details of the person discharging managerial responsibilities/person closely associated |
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a) |
Name: |
Henrique Freire |
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2. |
Reason for the notification |
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a) |
Position/status: |
Chief Financial Officer |
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b) |
Initial notification/Amendment: |
Initial Notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name: |
Savannah Resources Plc |
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b) |
LEI: |
213800UCK16HW5KKGP60 |
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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. |
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a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary Shares of £0.01 each
ISIN: GB00B647W791 |
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b) |
Nature of the transaction: |
Subscription for Subscription Shares |
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c) |
Price(s) and volume(s): |
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d) |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above
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e) |
Date of the transaction: |
23 September 2026 |
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f) |
Place of the transaction: |
Outside a trading venue |
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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.
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