Business
Placing
Placing.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2529R Savannah Resources PLC 24 October 2013 \n\n \n \n \n \nDate: 24 October 2013\n \nSavannah Resources Plc ('Savannah' or 'the Company')\n£0.5 million Placing to Support Development of Jangamo Mineral Sands Project, Mozambique\n \nSavannah Resources plc, the AIM listed exploration company, is pleased to announce that it has raised £496,313 (before expenses) through the placing ('Placing') of 18,047,748 new ordinary shares at a placing price of 2.75p per ordinary share. N+1 Singer acted as broker to the Placing, which was oversubscribed and featured both new and existing investors.\n \nOverview\n· Placing combined with an additional £500,000 equity investment in July 2013 takes total funds raised for 2013 to approximately £1,000,000, underpinning Savannah's value potential \n· Funds raised will be used to support the development of the Company's flagship 180km2 Jangamo Mineral Sands Project in Southern Mozambique ('Jangamo' or 'the Project') and for working capital\n· Jangamo is located in a world class mineral sands province and is highly prospective for total heavy minerals including ilmenite, rutile and zircon \n \nSavannah's CEO, David Archer, said, \"This Placing is an endorsement of the significant change in strategy and structure the Company has undertaken over the past few months, as we look to establish ourselves as a multi-commodity exploration and development company. Through the Placing we are delighted to introduce new shareholders to our share register, including a significant new institutional investor, which I believe is testament to the Company's strong value potential.\"\n \n\"Our strengthened cash position, which includes an additional equity investment of up to £500,000 in July 2013, provides us with a strong platform from which to commence exploration at our flagship Jangamo project in Southern Mozambique, which is highly prospective for heavy mineral sands. Furthermore, having recently reduced our overheads by approximately 50%, and securitised our investment in the highly prospective Kossanto Gold Project in Mali through our strategic shareholding in Alecto Minerals Plc, which in turn offers exposure to both the Kossanto Gold Project and two highly prospective gold ...