City-based law firm Druces has advised AIM-listed Savannah Resources PLC on its £11.5m fundraising. Savannah raised the additional capital through the oversubscribed placing and subscription for new ordinary shares at a placing price of 9p per share with both new and existing investors. Savannah’s ordinary shares are quoted on AIM.
The proceeds will be used to support the next stage of development for their Mina do Barroso Lithium Project in northern Portugal, providing funding to decision to mine.
Druces Corporate Partner Dominic Traynor led the Druces team.
Michael McGarty, CFO of Savannah Resources commented: “Having worked with Dominic Traynor and his colleagues for several years, Druces really understand our business and the importance of getting any funding arrangements across the line in a tight timeframe, whilst navigating the complexities of the Market Abuse Regulations. It is an important time for our Mina do Barroso Lithium Project and the funds from this placing will see us through to a decision to mine as well as providing funding to progress our other projects”.
For more information contact:
Tracy Carlin, Head of Business Development.
Tel: +44 (0)20 7216 5539