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Pin to quick picksSavannah Resources Share News (SAV)

Share Price Information for Savannah Resources (SAV)

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Share Price: 3.40
Bid: 3.30
Ask: 3.50
Change: 0.10 (3.03%)
Spread: 0.20 (6.061%)
Open: 3.40
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Savannah Resources raises £1.42m in placing

Mon, 26th Sep 2016 15:10

(ShareCast News) - Resource development company Savannah Resources announced on Monday that it has raised approximately £1.42m, before expenses, through the placing of 28,208,973 new ordinary shares and subscription for 12,500,000 new ordinary shares at a placing price of 3.5p per share, with both new and existing investors.The AIM-traded firm said Beaufort Securities acted as broker to the placing, which was significantly oversubscribed.Its board said the funds are to be used predominantly to support the development of Savannah's copper projects in Oman, with mining targeted to commence in late 2017, and for working capital purposes at its newly acquired lithium projects in FinlandIt said letters of intent had also been received for additional £0.83m cash from directors and their related parties, for when the company has exited its current close period."This significantly oversubscribed placing of £1.42m demonstrates the support we are receiving from new and existing shareholders in our strategy to bring our copper projects in Oman to production late next year, pursuing our projects in Mozambique as well as unlocking the potential of our exciting new lithium projects in Finland," said CEO David Archer.He said the company had recently announced it has applied for mining licences in Oman for its Mahab 4 and Maqail South Deposits in Block 5, and following that it is now expecting an updated Mineral Resource in Q4."We hope [this updated resource] will further improve our current indicated and inferred Mineral Resource of 1.7Mt at 2.2% copper as a result of our recent intensive drill programme," Archer explained."Further updates will be made to the market as we progress towards the mine development stage."
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18 Sep 2023 16:13

IN BRIEF: Savannah Resources not in sale process despite media reports

Savannah Resources PLC - lithium development company - Denies reports from Portuguese press that it is in a sale process. Says it is not in a sale process regarding the Barroso lithium project nor the company itself. Reiterates that on September 6, it had said that it received "significant" commercial interest in the project for several years and that there has been additional interest since the completion of a new positive scoping study. "Savannah is focusing on identifying groups which are willing to assist with the financing of the project's construction and bring complementary skills or additional opportunities to a long-term partnership with Savannah," firm says.

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12 Sep 2023 12:12

Savannah Resources hires new CEO from large Portuguese firm

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6 Sep 2023 14:07

Savannah reports significant progress at Barroso Lithium Project

(Sharecast News) - Europe-focussed lithium developer Savannah Resources announced significant progress in various aspects of its wholly-owned Barroso Lithium Project in Portugal on Wednesday.

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21 Jul 2023 10:07

Director dealings: Savannah non-exec invests, Lok'nStore director sells holding

(Sharecast News) - Lithium developer Savannah Resources was on the list of director buys on Friday, after a non-executive director picked up almost half a million shares.

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18 Jul 2023 14:14

IN BRIEF: Savannah Resources fundraise raises extra GBP400,000

Savannah Resources PLC - lithium development company - Announces it has increased the gross proceeds from the fundraise announced last Thursday to GBP6.5 million from GBP6.1 million, following 8.8 million shares being issued raising GBP400,000. This means that 139.2 million new shares will be issued for a fundraise, increasing fundraise total to GBP6.5 million. The company will have an approximate GBP11.4 million in cash.

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14 Jul 2023 08:22

Savannah Resources raises GBP6.1 million for Portugal lithium project

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13 Jul 2023 17:20

Savannah Resources plans GBP5.8 million fundraise to boost project

(Alliance News) - Savannah Resources PLC on Thursday said it plans to raise GBP5.8 million, in order to boost its Barroso lithium project in northern Portugal.

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12 Jun 2023 10:16

Savannah Resources hails net present value of Barroso lithium project

(Alliance News) - Savannah Resources PLC on Monday announced results from a new scoping study on its Barroso lithium project in northern Portugal.

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31 May 2023 11:37

IN BRIEF: Savannah shares soar as hails milestone for Barroso mine

Savannah Resources PLC - London-based lithium development company - Receives positive declaration of environmental impact from the Portuguese environmental regulator, Agencia Portuguesa do Ambiente, for its wholly owned Barroso lithium project in northern Portugal. Adds, it has agreed to the set of conditions issued alongside the declaration to ensure the project is "developed and operated in a socially and environmentally responsible way." Says project can now progress to the next stage of its environmental licensing process. Expects to publish a new scoping study in the second half of 2023 and will move forward with its definitive feasibility study, which includes carrying out fieldwork later in the year. Savannah has been in talks with APA in the last few months over Barroso's environmental impact assessment. Based on feedback, Savannah has focused on the management of water resources, optimisation of project-related infrastructure, ecology, socio-economic considerations and landscape impacts.

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