Last checked at 16 Mar 2016 13:00
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
16 March 2016
Savannah Resources Plc
Result of Annual General Meeting
Issue of Equity and Share Options
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), advises that all resolutions put to shareholders at its Annual General Meeting held today were duly passed. Accordingly the 27,430,768 (Tranche 2) new ordinary shares of 1.0p each ('Ordinary Shares') pursuant to the recent placing, which was announced on 15 February 2016, will now be admitted to trading on AIM on 17 March 2016.
Equity Issue
Savannah also advises that it has agreed to issue £21,192.41 of 999,642 new ordinary shares of 1.0p each ('Ordinary Shares') at a price of 2.12p being the closing price on 15 March 2016 ('Performance Shares') to senior employees in recognition of their exceptional performance in 2015.
Grant of Options
The Company has also agreed to grant options over 2,100,000 Ordinary Shares ('Share Options') to certain employees in recognition of the significant contribution they made in progressing its portfolio of development projects in 2015. The Share Options have an exercise price of 2.76p and an exercise period limited of four years upon which the majority vest immediately. The exercise price represents a premium of 30% to the closing price on 15 March 2016 and a premium of 43% to the 50 day VWAP.
Specifically, Matthew King, the Company's Chairman, will be granted 1,500,000 Share Options. Following this grant of Share Options Matthew King will have an interest in 627,838 Ordinary Shares, representing 0.18% of the Company's total voting rights, along with 1,500,000 Share Options.
Details of Equity Issue Shares
Application will be made for the 999,642 Performance Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence on or around 22 March 2016.
Following the Admission of the 999,642 Performance Shares and the 27,430,768 Tranche 2 Shares pursuant to the recent cash placing (announced on 15 February 2016), which will be admitted to trading on 17 March 2016, the Company's total issued share capital will consist of 385,160,741 Ordinary Shares. As such the total number of voting rights in the Company will be 385,160,741 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.savannahresources.com or contact:
David Archer | Savannah Resources plc | Tel: +44 20 7117 2489 |
David Hignell / Gerry Beaney (Nominated Adviser) | Northland Capital Partners Ltd | Tel: +44 20 3861 6625 |
Jon Belliss / Elliot Hance (Corporate Broker) | Beaufort Securities Ltd | Tel: +44 20 7382 8300 |
Charlotte Heap / Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 20 7236 1177 |
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, development company.
Savannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project. Formation of the joint venture remains subject to approval by the Ministry of Mineral Resources and Energy of the Republic of Mozambique. Jangamo has a 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).
Savannah has interests in three copper blocks in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, with additional gold upside potential, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper and gold producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits, and in December 2015 outlined exploration targets of between 10,700,000 and 29,250,000 tonnes grading between 1.4% and 2.4% copper.