Savannah Resources Plc (LON:SAV) has raised approximately £2.24mln through an oversubscribed placing with a further £1mln pledged by its largest shareholder.
Private investment trust Al Marjan intends to maintain its shareholding of 29.99% through a subscription at the placing price of 5.25p.
Savannah has three major projects on the go and will use the money to carry out further drilling and a scoping study at its Oman copper deposits, scoping and environmental studies at the Mutamba heavy mineral sands project in Mozambique and the identification of drill targets at its lithium projects in Finland.
David Archer, Savannah's chief executive, said the placing was significantly oversubscribed, something that demonstrated the support it was receiving from new and existing shareholders for its copper and mineral sands projects.