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Savannah and Al Marjan are a “good alignment” says chief

Savannah Resources (LON:SAV) chief executive David Archer says the latest investment by private investment fund Al Marjan at a price of 1.78p, is a “very good deal” for the company.

The investment firm will up its stake in Savannah to just shy of 30 per cent, and Archer says “they will provide a very solid degree of shareholder support for our plans going forward.”

Savannah now has £2mln in cash, following the placing, which will be used to progress its project in Oman, which is hoped to be in production in 2017.

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