Copper, gold and lithium explorer Savannah Resources raised further equity on AIM after another share placing to fund development at its mining projects in Oman, Mozambique and Finland
About 23.5m shares were subscribed to at 3.5p each to raise £825,186 adding to the £1.42m raised in September.
Private investment bank Al Marjan, the company’s major shareholder, maintained 29.99% of the shares with a subscription of £685,370 in cash.
Savannah’s chief executive, David Archer has 5.77% of the shareholding with a subscription of £129,816 and its chairman Matthew King subscribed for £10,000 worth of shares, representing 0.2% of the company’s total share capital.
The funds raised will be used to fund work on its Oman copper-gold project to help deliver mineral resource updates, licencing documents, and a scoping study, to progress its heavy mineral sands projects in Mozambique following the consortium agreement with Rio Tinto on Tuesday.
The funds will also be used to define drill targets at its lithium projects in Finland; and provide the company with additional working capital.
Application will be made for the shares to be admitted to trade on AIM on 17 October, with a total issued share capital of about 449.4m shares of 1p each with voting rights.
Source: Digital Look