Savannah Resources PLC (LON:SAV) has confirmed that it has raised an additional £1.01mln of capital, following a recent £2.24mln raise.
Company chairman Mathew King and major shareholder Al Marjan Ltd have together subscribed 19.2mln new shares at a price of 5.25p.
Al Marjan has subscribed for £998,292 of shares to maintain a 29.99% shareholding, while King subscribed for £10,000 of new shares.
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, previously said the initial share placing was significantly oversubscribed, something that demonstrated the support it was receiving from new and existing shareholders for its copper and mineral sands projects.