Druces’ Capital Markets team has advised Savannah Resources PLC, in connection with an accelerated bookbuild placing to complete a raise of gross placing proceeds of £2.34 million. finnCap and W H Ireland acted as joint brokers in respect of the placing, with SP Angel acting as Nomad.
The net proceeds of the placing will be used to supplement Savannah’s existing working capital, as it continues to advance its Mina do Barroso lithium project in Portugal. This includes finalising an offtake agreement and progress its definitive feasibility study towards completion, and its Mutamba Mineral sands joint venture in Mozambique.
Druces’ Capital Markets Partner, Dominic Traynor, led the Druces’ team which included Jack Kemmish (Senior Associate) and Mark Lamph (Solicitor).
Michael McGarty, Chief Financial Officer of Savannah commented:
“The level of support and commitment by Druces went well beyond the norm. A great result delivered to SAV’s shareholders, and Druces played an integral part in making it happen, for which I am very appreciative”.
Further details of the placing are located at:
- Savannah Resources PLC – Placing to raise £2.34 million
- Savannah Resources PLC – Result of the placing to raise £2.34 million
If you would like to speak to a member of our Capital Markets team, please follow the links below: