Result of RetailBook Offer
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.
11 November 2025
Savannah Resources plc
("Savannah" or the "Company")
Result of RetailBook Offer
RetailBook Offer and Additional Subscriptions increase total Fundraise to £9.8 million
Savannah Resources plc (AIM: SAV), the European lithium development company, announced on 6 November 2025 the launch of a fundraising comprising a Placing and Subscription in conjunction with a RetailBook Offer.
The Company is pleased to announce that the RetailBook Offer successfully completed and closed at 12.00 p.m. today and that it has conditionally raised £453,647 through the issue of 12,260,733 new Ordinary Shares at the Issue Price of 3.7 pence per share ("Retail Offer Shares").
As a result of the RetailBook Offer, certain Subscribers have increased their participation in the Subscription ("Additional Subscription") in order to ensure that their percentage shareholdings in the Company are maintained on completion of the Fundraise ("Additional Subscription Shares"). Hence, substantial shareholders, Grupo Lusiaves SGPS, S.A. and Pluris Investments S.A., have purchased 1,533,043 and 1,532,661 Additional Subscription Shares respectively.
In total, the Subscription has raised £3,472,998 million through the issue of 93,864,824 Subscription Shares (inclusive of the Additional Subscription Shares).
Consequently, in aggregate, 264,778,598 new Ordinary Shares will be issued pursuant to the Fundraise, being the total of the Placing, the Subscription, the RetailBook Offer and the Additional Subscription, raising total gross proceeds of £9.8 million (US$12.7 million). This gives the Company total cash reserves of approximately £21 million (circa US$27 million) following the Fundraise.
Savannah's Chief Executive Officer, Emanuel Proença said: "The team and I are very appreciative of the level of interest shown in the fundraise by hundreds of new and existing private investors through the RetailBook offer. As many of us within Savannah are shareholders ourselves, we fully appreciate the responsibility placed on the Company by those choosing to make a personal investment in this Fundraise.
"We view the broad diversification in our shareholder base, which spans institutional and private shareholders across multiple countries, as a great benefit to Savannah and reflective of the widespread interest in the development of the Barroso Lithium Project (the 'Project') in support of the energy transition. We are committed to creating value for all our shareholders through the delivery of the Project.
"The £0.5 million invested through the RetailBook offer takes total gross proceeds from this exercise to £9.8 million (US$12.7 million) and our overall cash position to approximately £21 million (circa US$27 million). With this money, we have the financial strength to power forward with the Project over the months ahead. During that period, we will purchase the Aldeia Mining Lease, complete the Definitive Feasibility Study ('DFS') and environmental licence process and lay the foundations for the key workstreams which will define the 'post-DFS' period, as we shift our focus to project finance, further strategic partnering and construction.
"With the Fundraise exercise now successfully completed and spodumene concentrate prices back over US$1,000/t again, all our efforts will be refocused on the Project. We look forward to updating all our shareholders with regards to the value creating goals we have set ourselves."
PDMR and Related Party Shareholdings
Following Admission, the percentage holdings of the PDMR and Substantial Shareholders who participated in the Fundraise are set out in the table below:
|
PDMR / Substantial Shareholder |
Pre-Fundraise shareholding |
Total number of Subscription Shares* |
Resultant shareholding in the Company |
Resultant percentage interest in the Company |
|
AMG Lithium B.V. |
361,731,077 |
39,077,634 |
400,808,711 |
15.57% |
|
Grupo Lusiaves SGPS, S.A. |
230,994,727 |
26,487,292 |
257,482,019 |
10.00% |
|
Pluris Investments S.A. |
230,937,119 |
26,480,686
|
257,417,805 |
10.00% |
|
Rick Anthon - Chair |
714,286 |
550,676 |
1,264,962 |
0.05% |
|
Emanuel Proença - CEO |
2,736,880 |
387,676 |
3,124,556 |
0.12% |
|
Henrique Freire - CFO |
2,300,000 |
220,050 |
2,520,050 |
0.10% |
*Inclusive of Additional Subscription Shares.
The Subscription Shares and Additional Subscription Shares, together with the Placing Shares, will be admitted to trading on AIM on 12 November 2025.
Admission to trading on AIM and Total Voting Rights
The Retail Offer Shares will be credited as fully paid and rank pari passu with the existing Ordinary Shares.
Application will be made to the London Stock Exchange for the 12,260,733 Retail Offer Shares to be admitted to trading on trading on AIM. Admission is expected to take place and dealings in the Shares are expected to commence at 8.00 a.m. on 13 November 2025, at which time it is also expected that the Shares will be enabled for settlement in CREST.
Immediately following Admission, the issued share capital of the Company is expected to comprise 2,574,149,699 Ordinary Shares. Each Ordinary Share has one voting right and no Ordinary Shares are held in treasury. From Admission, this figure may be used by Shareholders as the denominator for the calculation 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 Guidance and Transparency Rules.
Note
Defined terms used in this announcement shall have the same meaning as in the 'Proposed Fundraise' and 'Retail Offer' announcements dated 6 November 2025 and the Result of Placing and Subscription Announcement dated 7 November 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: +44 20 7117 2489
|
|
SP Angel Corporate Finance LLP (Nominated Adviser, Broker, Global coordinator & Joint Bookrunner) David Hignell/ Charlie Bouverat/ Adam Cowl (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 (Equity 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.
Notes:
The times and dates mentioned throughout this Announcement may be adjusted by the Company in which event the Company will make an appropriate announcement via a Regulatory Information Service giving details of any revised dates and the details of the new times and dates will be notified to London Stock Exchange plc (the "London Stock Exchange") and, where appropriate, Shareholders. Shareholders may not receive any further written communication.
IMPORTANT INFORMATION
This Announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This Announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
This Announcement and the information contained herein, is restricted and is not for publication, release or distribution, directly or indirectly, in whole or in part, in or into Australia, Canada, the Republic of South Africa, Japan or any other jurisdiction in which such publication, release or distribution would be unlawful. Further, this Announcement is for information purposes only and is not an offer of securities in any jurisdiction.
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