Retail Offer increases Fundraise to £4.8 million
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 7(1) 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").
2 July 2025
Savannah Resources Plc
(AIM: SAV) ("Savannah" or the "Company")
RetailBook Offer increases total Fundraise to £4.8 million
Successful RetailBook Offer and Additional Subscriptions increase total Fundraise to £4.8 million
Savannah Resources plc, the European lithium development company is pleased to announce the successful completion of the RetailBook Offer that was announced on 26 June 2025 as well as an update on additional subscriptions which it has received.
Following the successful completion of the non-pre-emptive Placing and Subscription on 27 June 2025 (which raised, in aggregate, gross proceeds of £4.24 million (US$5.81 million) before expenses), private investors have subscribed via the RetailBook Offer for a total of 8,606,866 Ordinary Shares at the Issue Price (the "RetailBook Shares"), raising gross proceeds of £0.30 million (US$0.41 million).
In parallel with the RetailBook Offer, the Company has also received additional subscriptions (the "Additional Subscription") for a total of 6,743,627 new Ordinary Shares (the "Additional Subscription Shares") at the Issue Price from existing shareholders, new Portuguese investors and Savannah staff. The additional subscriptions from staff include £20,000 from Thomas Gaultier, Savannah's Community Relations Manager, who is participating in the Fundraise alongside other members of the Company's management team and Board as previously announced (See Result of Accelerated Bookbuild and Subscription RNS, 27 June 2025), including Rick Anthon (Chair), Dale Ferguson (Board Director), Henrique Freire (CFO) and Michael McGarty (CCO).
The overall contribution of subscriptions, including the Additional Subscription Shares, has now risen to £2.26 million (US$3.10 million) versus £2.02 million (US$2.77 million) previously.
Consequently, in aggregate, 136,596,897 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 gross proceeds, of £4.78 million (US$6.55 million).
Savannah's cash position as at 27 June 2025, prior to receiving these new funds, was £9.14 million (US$12.55 million).
Savannah's Chief Executive Officer, Emanuel Proença said: "It is very pleasing to see the level of interest the retail element of Savannah's Fundraise has received over the last few days. My sincere thanks go to all those existing and new individual shareholders who have participated. It is extremely satisfying that the aggregate Fundraise was so well supported by existing shareholders and has attracted significant investment from both of our 'core' countries, Portugal and UK, in addition to participation from investors elsewhere.
"As a proud Portuguese myself, and knowing that one of our missions was to reinforce the trust between Savannah and the Portuguese, I am very pleased with the tremendous progress made versus the 2023 Fundraise, when only 1% of the new share capital issued was subscribed for by Portuguese. Now with Portuguese participation having reached more than 40%, we reiterate our commitment of continuing to progress in this aspect.
"Savannah understands the trust and responsibility that is placed in our Company by shareholders, alongside the financial investment which they choose to make in us. This is a great inspiration for me and the team and we are firmly focused on delivering the Project for all our stakeholders and generating significant value in the process, whilst supplying a critical raw material for Europe's energy transition.
"Importantly, when combined with our existing cash resources, the funds Savannah has raised via this exercise gives us the financial platform from which we can work on the Project beyond the current Definitive Feasibility Study ('DFS'). This financial security enables us to maintain our progress and ensure that we are well placed in the future to leverage the better lithium prices and market conditions which are forecast, for our shareholders.
"With this exercise completed successfully, all our efforts can return to the key Project workstreams and we expect to make significant progress during the second half of 2025. We look forward to updating all our shareholders as we advance, fulfilling the trust they have shown in us."
Admission to trading on AIM
The RetailBook Shares and Additional Subscription Shares, when issued, will be credited as fully paid and rank "pari passu" with the existing Ordinary Shares.
Application has been made to the London Stock Exchange for Admission of the aggregate 15,350,493 new Ordinary Shares to be admitted to trading on AIM ("Admission") pursuant to the RetailBook Offer and Additional Subscription. Admission is expected to become effective and dealings in the RetailBook Shares and Additional Subscription Shares to commence at 8.00 a.m. on 4 July 2025. As noted in the announcement on 27 June 2025, the admission of the Placing Shares and Subscription Shares to trading on AIM will commence at 8.00 a.m. on 2 July 2025.
Related Party Shareholdings
Following Admission, the percentage holdings of the Substantial Shareholders who participated in the Fundraise are set out in the table below:
|
Substantial Shareholder |
Shareholding prior to Fundraise |
Number of Subscription Shares and Additional Subscription Shares |
Resulting Shareholding |
Percentage of Ordinary Share Capital held post Admission |
|
AMG lithium B.V. |
342,612,420 |
19,118,657 |
361,731,077 |
15.66% |
|
Al Marjan Limited |
275,762,589 |
9,142,857 |
284,905,446 |
12.34% |
|
Grupo Lusiaves SGPS, S.A. |
218,785,909 |
12,208,818 |
230,994,727 |
10.00% |
|
Mário Nuno dos Santos Ferreira |
217,277,421 |
13,659,698 |
230,937,119 |
10.00% |
Total Voting Rights
On Admission, the total number of Ordinary Shares in issue will be 2,309,371,101 and the total number of voting rights will therefore be 2,309,371,101. This figure 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 share capital of 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 Launch Announcement dated 26 June 2025 and the Result of Placing and Subscription Announcement dated 27 June 2025 unless otherwise defined herein.
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.
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
|
|
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.
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