Savannah Resources PLC's (LON:SAV) David Archer joins Proactive London's Katie Pilbeam about raising £10.3mln, before expenses, through an oversubscribed placing and direct subscription.
Archer says this is a 'resounding endorsement from the investment community for the opportunity in Europe for Lithium'. The net proceeds will mainly go towards progressing its flagship Mina do Barroso project in Portugal.
Archer explains that with the surge in Lithium prices and demand for electric vehicles, 'now is time to put the foot flat to the floor and move the project forward very quickly'.