Savannah Resources PLC Cash Placing & Director Subscription (6054C)
19 Octubre 2015 - 1:00AM
UK Regulatory
TIDMSAV
RNS Number : 6054C
Savannah Resources PLC
19 October 2015
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
19 October 2015
Savannah Resources Plc
Cash Placing & Director Subscription
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
advises that it has raised GBP339,060 cash (before expenses)
through the placing ('Placing') of 16,953,000 new ordinary shares
of 1.0p each ('Ordinary Shares') at a placing price of 2.0p per
ordinary share ('Placing Shares') to Al Marjan Limited, a new
investor.
Savannah's Chief Executive Officer, David Archer, said, "We are
delighted to see very solid support for Savannah's investment case
with the placing to a new significant shareholder, Al Marjan
Limited. This placing, together with the issue announced on 7
October to three of our existing shareholders, results in aggregate
cash raised of GBP564,060 before expenses. This puts Savannah in an
excellent position to continue executing its business plan,
targeting early copper production in Oman and progressing our
mineral sands initiative in Mozambique."
Details of the Placing
In addition, the Company's Chairman, Mr Matthew King has elected
to take part of his remuneration by way of the issuance of 833,333
Ordinary Shares (of which 205,495 will be sold to cover the related
tax liabilities, leaving a balance of 627,838 shares) at a price of
2.0p per share (the 'Director Subscription').
The Placing will be executed in two tranches. The Company will
shortly issue 8,946,405 Ordinary Shares at a price of 2.0p to cover
the first tranche of the Placing and the Director Subscription and
will convene a general meeting of the Company at which shareholders
will be asked to give the directors the necessary authorities to
issue the remaining 8,839,928 Ordinary Shares. Details of the
general meeting will be announced separately and a notice of
general meeting will shortly be sent to shareholders.
Application will be made for the 8,946,405 Ordinary Shares,
which will rank pari passu with the existing ordinary shares in the
Company, to be admitted to trading on AIM ('Admission'). It is
expected that Admission will become effective and dealings will
commence on or around 22 October 2015. Application for the
remaining 8,839,928 Ordinary Shares will be made following the
forthcoming general meeting.
Following Admission of the 8,946,405 Ordinary Shares, the
Company's total issued share capital will consist of 265,730,331
Ordinary Shares. As such the total number of voting rights in the
Company will be 265,730,331 Ordinary Shares. This number may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure and Transparency Rules.
Upon completion of the Placing and the Admission of the
16,953,000 Ordinary Shares following the general meeting, the
percentage holding of a significant shareholder and director will
increase and the revised holdings are expected to be as
follows:
Shareholder Holding prior Percentage Number of Holding following Percentage
to the Placing of Ordinary Placing Shares Placing of Ordinary
Shares prior subscribed Shares following
to the Placing for Placing
------------- --------------- --------------- --------------- ----------------- -----------------
Al Marjan
Limited 0 0% 16,953,000 16,953,000 6.04%
------------- --------------- --------------- --------------- ----------------- -----------------
Matthew King 0 0% 627,838 627,838 0.24%
------------- --------------- --------------- --------------- ----------------- -----------------
The net proceeds of the Placing will be used by the Company for
general working capital purposes.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources plc Tel: +44 20 7389
5019
David Hignell / Gerry Beaney Northland Capital Partners Tel: +44 20 7382
(Nominated Adviser) Ltd 1100
Jon Belliss / Elliot Hance Beaufort Securities Tel: +44 20 7382
(Corporate Broker) Ltd 8300
Felicity Winkles/ Charlotte St Brides Partners Ltd Tel: +44 20 7236
Heap 1177
**ENDS**
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented,
multi-commodity, exploration and development company.
Savannah has agreed to acquire 100% of Matilda Minerals Limitada
which currently operates the Jangamo exploration project, and has
agreed with Rio Tinto to form a joint venture in Mozambique to
develop the combined Mutamba/Jangamo Project. On 31 December 2014
Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2%
total heavy minerals ("THM") at a 2.5% cut-off grade for Jangamo.
The Mutamba, Dongane and Chilubane deposits have a combined
exploration target of 7-12Bn tonnes at 3-4.5% THM (published in
2008).
Savannah has interests in three copper blocks in the highly
prospective Semail Ophiolite Belt in Oman. The projects, which have
an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper
and high grade intercepts of up to 56.35m at 6.21% Cu, with
additional gold upside potential, provide Savannah with an
excellent opportunity to potentially evolve into a mid-tier copper
and gold producer in a relatively short time frame. Together with
its Omani partners, Savannah aims to outline further mineral
resources to provide the critical mass for a central operating
plant to develop the deposits.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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