Proactive Investors - Run By Investors For Investors

Savannah Resources commences settlement of second Mina do Barroso payment tranche

The Portuguese resource base has exceeded milestone targets set out in the deal by some margin
Savannah Resources commences settlement of second Mina do Barroso payment tranche
There is now a resource of over 20mln tonnes of lithium ore at Mina do Barroso

Savannah Resources Plc (LON:SAV) has commenced the settlement of the second, and final, deferred consideration tranche in accordance with the terms of the acquisition of the company's portfolio of Portuguese projects, which includes the flagship Mina do Barroso lithium project.

In accordance with the agreement dated 24 May 2017, Savannah has commenced the settlement of the deferred consideration of A$1.5mln cash and the issue of 20mln new ordinary shares.

WATCH: Savannah Resources achieves several "important valuation milestones" in first half

The payment was triggered following the company's announcement on 10 September 2018, in which Savannah reported Western Europe's largest JORC-compliant spodumene lithium resource of 20.1mln tonnes at 1.04% Li2O.  

The new shares will be issued at 6.75p per share.

 

 

View full SAV profile View Profile

Savannah Resources PLC Timeline

Related Articles

coal
April 02 2019
Peel Hunt has a ‘buy’ recommendation and target price of 205p each on Anglo Pacific shares
Pictured is the Arctic Star team using the excavator
April 26 2019
The junior resource group owns 100% of its flagship Timantti project (which means diamond in Finnish)
Drilling work at Cinovec
April 29 2019
Here we take a deep dive into the mechanics of European Metals Holdings PLC (LON:EMH) (ASX:EMH), which in the Cinovec project has a tiger by the tail

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use