Business
Issue of Shares
Issue of Shares.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5830R Savannah Resources PLC 15 September 2014 \n \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n15 September 2014\nSavannah Resources Plc\nIssue of Shares in lieu of Consultancy Fees and Employee Share Options\n \nSavannah Resources plc (AIM: SAV) announces that it has issued new ordinary shares in lieu of consultancy fees and has agreed to issue a tranche of employee share options.\n \nTwo professional groups providing Savannah with consulting services in relation to Savannah's activities in Mozambique will be issued with 220,921 of shares worth £8,919 in lieu of consulting fees at a price 4.0372p per share based on a 15 day VWAP calculated at the date of invoicing.\n \nApplication will be made for the new ordinary shares to be admitted to trading on AIM (\"Admission\"). Admission is expected to occur at 8.00 a.m. on 18 September 2014. Following Admission, the total number of voting rights in the Company will be 167,550,380 ordinary shares. This number 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 Company under the FCA's Disclosure and Transparency Rules.\n \nThe Company has agreed to issue 1,000,000 employee share options with an exercise price of 7.0p per share, with an exercise period limited to three years and vesting on specific performance milestones and events.\n \n \n**ENDS**\n For further information please visit www.savannahresources.com or contact:\n\n\n\n\nDavid Archer\n\n\nSavannah Resources plc\n\n\nTel: +44 20 7389 5019\n\n\n\n\nJames Biddle (Nominated Adviser)\nCharlie Cryer (Corporate Broker)\n\n\nRFC Ambrian Limited\n\n\nTel: +44 20 3440 6800\n\n\n\n\nFelicity Edwards/ Charlotte Heap\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 20 7236 1177\n\n\n\n\n \nNotes\n \nAbout Savannah\n \nSavannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which col...