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Savannah Resources completes £5mln fundraising as major shareholder buys in

The proceeds will be used primarily to complete the definitive feasibility study on its Mina do Barroso lithium spodumene project in Northern Portugal

Savannah Resources PLC -

Savannah Resources PLC (LON:SAV) has confirmed that major shareholder Al Marjan has now bought £1.24mln of shares as part of a £5mln fundraising.

The proceeds will be used primarily to complete the definitive feasibility study on its Mina do Barroso lithium spodumene project in Northern Portugal.

Funds were raised in a placing and subscription at a price of 2p per share, of which directors subscribed £40,000 and Al Marjan the bulk.

With £9.8mln of cash raised via directors, chief executive David Archer said, “companies which have received such solid support from directors and related parties are rather rare amongst those within our peer group”.

Quick facts: Savannah Resources PLC

Price: 2.225 GBX

AIM:SAV
Market: AIM
Market Cap: £28.87 m
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