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
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Savannah Resources (SAV)