Business
Raised £2.24m and LOI for further £1.01m
Raised £2.24m and LOI for further £1.01m.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4874X Savannah Resources PLC 22 February 2017 \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n \n22 February 2017 \nSavannah Resources Plc\nCash Placing and Subscription of £2.24 million \nLetters of Intent for further £1.01 million cash investment from Al Marjan and Director\n \nSavannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce that it has raised approximately £2.24 million (before expenses) through the placing ('Placing') of 29,619,048 new ordinary shares ('Placing Shares') and subscription ('Subscription') for 13,080,152 new ordinary shares ('Subscription Shares') at a placing price of 5.25p per ordinary share (the 'Placing Price') with both new and existing investors. Beaufort Securities acted as broker to the Placing, which was significantly oversubscribed.\n \nHIGHLIGHTS:\n· Raised gross proceeds of £2.24 million cash\n· Funds to be used predominately to support the development of Savannah's asset portfolio and for general working capital purposes, including:\no Delivery of Mineral Resource updates, licencing documents, and a scoping study at its Block 4 and 5 copper projects in Oman \no Continued development of the Mutamba Heavy Mineral Sands Project in Mozambique, with scoping and environmental studies currently underway\no Definition of drill targets at its lithium projects in Finland\n· Letters of intent have been received from a Director and Al Marjan Limited, the Company's major shareholder, for an additional £1.01 million cash ordinary shares at the Placing Price, once the Company has exited its current close period\n \nDavid Archer, Savannah's Chief Executive Officer said today, \"This significantly oversubscribed placing of £2.24 million (before expenses) demonstrates the support we are receiving from new and existing shareholders in relation to our strategy of developing our copper and mineral sands projects.\" \n \nDetails of Placing and Subscription and Letters of Intent\n \nThe Company will have a pro-forma cash balance of £3.02 million following the receipt of the Placing and Subscription proceeds of £2.24 million. The Company, which is currently in a \"close period\" that restric...