Update on Heads of Agreement with MRG Metals Ltd
30 December 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')
Extension to Due Diligence period for potential divestment of last remaining Mozambique Mining Concession
Savannah Resources, the European lithium development company, is pleased to provide an update on the Binding Heads of Agreement ('HoA') announced on 9 November 2022 between its subsidiary AME EAST AFRICA LIMITED and MRG Metals Limited (ASX: MRQ, 'MRG') in relation to an option agreement under which MRG could acquire Mining Concession 9735C in Mozambique, (the "Proposed Transaction").
To allow more time for MRG to complete its due diligence on the Proposed Transaction, the parties have agreed by mutual consent to extend the due diligence period to 27 January 2023. The previously allotted due diligence period expired on 24 December 2022.
All other aspects of the Proposed Transaction remain unchanged.
Further updates on the Proposed Transaction will be provided in due course.
Regulatory Information
This Announcement contains inside information for the purposes 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 ('UK MAR').
Savannah - Enabling Europe's energy transition.
**ENDS**
Follow @SavannahRes on Twitter
Follow Savannah Resources on LinkedIn
For further information please visit www.savannahresources.com or contact:
|
Savannah Resources PLC Dale Ferguson, CEO
|
Tel: +44 20 7117 2489
|
|
SP Angel Corporate Finance LLP (Nominated Advisor) David Hignell/ Charlie Bouverat (Corporate Finance) Grant Barker/ Abigail Wayne (Sales & Broking)
|
Tel: +44 20 3470 0470
|
|
RBC Capital Markets (Joint Broker) Farid Dadashev/ Jamil Miah
|
Tel: +44 (0) 20 7653 4000 |
|
Camarco (Financial PR) Gordon Poole/ Emily Hall |
Tel: +44 20 3757 4980 |
About Savannah
Savannah is the owner of the Barroso Lithium Project, located close to key infrastructure in Northern Portugal which contains the most significant spodumene lithium resource in Western Europe. Following a positive Scoping Study which outlined a conventional operation producing 175,000t of spodumene concentrate per annum, Savannah is progressing the development and environmental licencing of the Barroso Lithium Project.
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the ticker 'SAV'.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 6 hours ago ASOS
- 6 hours ago MJ Gleeson
- 6 hours ago Rolls-Royce Holdings
- 7 hours ago Crest Nicholson Holdings
- 7 hours ago Naked Wines