Savannah Resources

finnCap have advised Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV), the resource development company, in a significantly oversubscribed placing of £2.34 million.

David Archer, Savannah’s CEO commented: “‘We have been delighted to see the strong equity capital market support for the Placing which was heavily over-subscribed by both existing and new shareholders. Existing institutional shareholders participated in the Placing together with subscriptions from new institutions and sophisticated investors. The overall interest goes to underscore the strong emerging investment interest in the fast growing, lithium value chain in Europe. The net proceeds of the Placing will be used to supplement Savannah’s existing working capital as we continue to advance our Mina do Barroso lithium project in Portugal and Mutamba mineral sands joint venture in Mozambique.