17:15 Tue 08 Sep 2020
Savannah Resources - Result of the Placing to raise £2.3 million

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (596/2014/EU) ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
("Savannah" or the "Company")
Result of the Placing to raise approximately
The definitions referenced in this announcement remain in line with those from the announcement published at
"The recent share price performance of electric vehicle manufacturers such as Tesla (+820% in last 12 months) and the 60% increase in first half sales of electric vehicle in the EU, despite the impact of the Coronavirus, provide good indications of the positive outlook for the e-mobility revolution, which is so dependent on lithium and lithium ion battery technology. At the same time, the addition of lithium to the
"Focusing on the near term, the working capital secured by this placing will give Savannah a more robust financial position while it finalises an offtake agreement for the Project's lithium concentrate, continues its negotiations with potential strategic partners, progresses the Project's Definitive Feasibility Study ("DFS") towards completion, and responds to further information requests from
"Capital will also be used to maintain our ongoing operations in
"With the company's cash position strengthened and our focus now wholly on Mina do Barroso and Mutamba, Savannah expects to make significant progress in the months ahead. This should result in important newsflow, particularly regarding the commercialisation of Mina do Barroso."
Admission and dealings
In addition, the Company has today issued 2,019,945 Ordinary Shares (the "
Application will be made to the
It is expected that Admission will become effective and dealings in the Placing Shares will commence at
Following Admission of the Placing Shares and the Fee Shares, the Company's issued and fully paid share capital will consist of 1,430,991,035 Ordinary Shares. As such, the total number of voting rights in the Company will be 1,430,991,035 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, or a change to their interest in, the Company under the
Following the Fundraise, the percentage holds of certain significant shareholders will change as per the table below:
Shareholder | Holding Prior to the Fundraise | Percentage of Ordinary Shares Prior to the Fundraise | Number of Shares Subscribed For | Holding Following Fundraise | Percentage of Ordinary Shares Following Fundraise |
Al | 268,262,589 | 20.65% | 0 | 268,262,589 | 18.75% |
| 147,180,000 | 11.33% | 0 | 147,180,000 | 10.29% |
For further information please visit www.savannahresources.com or contact:
| Tel: +44 20 7117 2489
|
| Tel: +44 20 3470 0470
|
finnCap Ltd (Joint Broker)
| Tel: +44 20 7220 0500
|
| Tel: +44 20 7220 1698
|
| Tel: +44 20 7236 1177 |
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