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Share Price: 3.50

Bid: 3.40

Ask: 3.60

Change: 0.10 (3.03%)

Spread: 0.20 (5.882%)

Open: 3.30

High: 3.40

Low: 3.40

Prev. Close: 3.30

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IN BRIEF: Savannah Resources raises GBP10 million in share placing

Wed, 21st Apr 2021 13:43

Savannah Resources PLC - resource development company with operations in Portugal, Mozambique and Oman - Raises GBP10.3 million through a 258 million share placing at 4 pence per share. The oversubscribed placing is via an accelerated bookbuilding process managed by Clarksons Platou Securities AS, finnCap Ltd and WH Ireland Limited. Shares are expected to trade on AIM on April 26.

"We are delighted by the interest shown in Savannah by the international equity capital markets," says Chief Executive Officer David Archer. "The GBP10.3 million raised combined with the USD6.4 million investment expected from Galp Energia SGPS SA in the Mina do Barroso project holding company, and our existing cash reserves, puts Savannah in a strong financial position as we continue to move towards the development phase at Mina do Barroso."

Current stock price: GBP4.01, down 21% Tuesday for GBP57.4 million market capitalisation

Year-to-date change: down 8.9%

By Will Paige; willpaige@alliancenews.com

More News

20 Apr 2023 17:35

Savannah Energy to develop new hydroelectric project in Cameroon

(Alliance News) - Savannah Energy PLC said on Thursday that its subsidiary had signed a memorandum of agreement with the government of the Republic of Cameroon for the development of a new hydroelectric project in the country's northern region.

20 Apr 2023 17:23

TRADING UPDATES: Greatland hails gold find; Capital revenue climbs

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

5 Apr 2023 16:52

IN BRIEF: Savannah Resources reports narrowed full year loss

Savannah Resources PLC - European lithium development company - Reports pretax loss from continuing operations of GBP2.7 million in 2022, narrowed from GBP3.5 million a year prior. Adds revenue was zero in the period, unchanged from 2021, while administration expenses rose to GBP3.5 million from GBP3.3 million. Highlights a foreign exchange gain of GBP0.8 million compared to GBP0.2 million. Explains should a positive decision on the project's environmental report be received from the Portuguese environmental regulator, cash reserves will carry the company into the second phase of the environmental licencing process and allow Savannah to progress the definitive feasibility study on the Barroso Lithium Project.

3 Apr 2023 16:57

Savannah Resources says Barroso public consultation period extended

(Alliance News) - Savannah Resources PLC on Monday said it has been told by the Portuguese Environmental Agency that the public consultation period on its Barroso lithium project will be extended by a further 15 days.

23 Mar 2023 19:36

TRADING UPDATES: Regulatory wins for Eden; Marula AIM listing progress

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

17 Mar 2023 20:15

TRADING UPDATES: Powerhouse Energy hails lease for forthcoming centre

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

17 Mar 2023 16:28

Savannah Resources upbeat on proposed EU materials regulation

(Sharecast News) - Lithium developer Savannah Resources welcomed the new Critical Raw Materials Act from the European Commission on Friday.

23 Feb 2023 16:53

Savannah meets with Portugal environment watchdog over lithium project

(Alliance News) - Savannah Resources PLC on Thursday said it completed meetings with Portugal's environment watchdog over its Barroso lithium's project envrionmental impact assessment, and that it is on track to deliver an updated project report for March 17.

14 Feb 2023 17:17

Savannah Resources notes Portuguese state acquitted as defendants

(Alliance News) - Savannah Resources PLC on Tuesday noted that Portugal has been acquitted as a defendant in the lawsuit brought against it by the parish of Covas do Barroso.

6 Feb 2023 11:31

Savannah Resources confident of decarbonisation due to study results

(Alliance News) - Savannah Resources PLC on Monday said that the company's path towards decarbonisation remains clear, after receiving encouraging results from initial study work.

27 Jan 2023 10:46

IN BRIEF: Savannah says deal with MRG Metals on mining asset expired

Savannah Resources PLC - Europe-focused lithium development company - Says the period to conclude an option agreement with MRG Metals Ltd for its remaining mining concession in Mozambique has expired. Both parties have mutually decided not to proceed with entering into an option agreement.

18 Jan 2023 21:58

TRADING UPDATES: Bankers net assets drop; Invinity Energy wins funds

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

30 Dec 2022 12:27

IN BRIEF: Savannah Resources extends due diligence for mining sale

Savannah Resources PLC - London-based lithium development company - Extends due diligence period for proposed transaction between its subsidiary AME East Africa Ltd and MRG Metals Ltd. Says proposed transaction is sale of Mining Concession 9735C in Mozambique, relating to an option agreement entitling MRG Metals to acquire it. Extension is to January 27 from Saturday last week. Says both parties agree to allow more time for MRG Metals to conduct due diligence, while all other aspects of the proposed transaction, first announced in early November, remain unchanged.

13 Dec 2022 11:22

CORRECT (Dec 09): Savannah Energy completes Exxon Mobil acquisition

(Correcting that the Exxon Mobil portfolio acquisition was completed by Savannah Energy, not Savannah Resources.)

9 Dec 2022 19:54

TRADING UPDATES: Savannah completes Exxon Mobil portfolio acquisition

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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IN BRIEF: Savannah Resources raises GBP10 million in share placing

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