Last checked at 5 Nov 2015 12:51
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
5 November 2015
Savannah Resources Plc
Result of General Meeting
Issue of Equity
Result of General Meeting
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), advises that all resolutions put to shareholders at its General Meeting held today were duly passed. Accordingly the 8,839,928 new ordinary shares of 1.0p each ('Ordinary Shares') pursuant to the recent placing, which was announced on 19 October 2015, will now be admitted to trading on AIM on 6 November 2015. In addition, the 5,882,353 (Tranche 2) Ordinary Shares pursuant to the cash placing which announced on 8 October 2015 were admitted to trading on 4 November 2015.
Issue of Equity
The Company has agreed to issue new Ordinary Shares in lieu of professional fees to several strategic service providers. These strategic service providers will be issued with a total of 5,413,158 of shares at 2.0p per share in lieu of professional fees due in cash (the "Professional Shares"). Application has been made for the Professional Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM, with admission expected to occur at 8.00 a.m. on 11 November 2015.
Total Voting Rights
Following the admission of the Professional Shares to trading on AIM on 11 November 2015, the Company's total issued share capital will consist of 285,865,770 Ordinary Shares. As such the total number of voting rights in the Company will be 285,865,770 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 7389 5019 |
David Hignell / Gerry Beaney (Nominated Adviser) | Northland Capital Partners Ltd | Tel: +44 20 7382 1100 |
Jon Belliss / Elliot Hance (Corporate Broker) | Beaufort Securities Ltd | Tel: +44 20 7382 8300 |
Felicity Winkles/ Charlotte Heap | St Brides Partners Ltd | Tel: +44 20 7236 1177 |
**ENDS**
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and 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. On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade for Jangamo. 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.