Savannah Resources (LON:SAV) – CORP: Placing
Market Cap: £5.2m; Current Price: 2.05p
Raises £339,060 from Al Marjan
- Savannah Resources has raised £339,060 through the issue of 16,953,000 shares at a price of 2p per share in a placing to Al Marjan, an Oman based institutional investor. The funds will be used towards executing Savannah’s business plan, targeting early copper production in Oman and progressing its mineral sands joint venture in Mozambique.
- In addition, Matthew King, Savannah’s chairman, has elected to take part of his remuneration through shares with 833,333 shares at 2p/share.
- The placings carried out in two phases with the second one subject to GM.
- Post the initial placing the Company will have a total issued share capital of 259,730,331.
NORTHLAND CAPITAL PARTNERS VIEW: It is positive to see an Oman based financial institution supporting Savannah Resources operations on the ground in the country. Savannah is currently undertaking a drill programme in Oman to test both greenfields and brownfields targets.
Telit Communications (LON:TCM): Substantial contract
Market Cap: £321m; Current Price: 278p
Supply contract for GB SMIP project
- Supply contract valued at up to $220m as one of the technology providers for the UK’s £11.3bn Smart Metering infrastructure project that plans to installs smart meters in homes and businesses across the UK. Supplies are expected to commence Q4 2016 and continue through to the end of 2021.
- Telit will provide cellular modules for a portion of the c. 30 million comms hubs bridging ZigBee data communication between smart meters and either RF or cellular networks. Telit equipped hubs will use a specially developed UE910 UMTS/HSPA module delivering the 3G backhaul communication.
NORTHLAND CAPITAL PARTNERS VIEW: GB SMIP is an ambitious project running over a number of years as the UK government looks to deploy smart meters nationwide. Such projects tend to stretch, however, as issues are encountered and first revenues are not expected until next year. Being part of such programmes is important, however, and helps to balance last week’s reduced guidance.