Druces’ Capital Markets team has advised Savannah Resources PLC, in connection with an accelerated bookbuild placing and subscription to complete a raise of gross proceeds of £6.1m and a further raising of gross £0.4m through a PrimaryBid offer. SP Angel and Clarksons Platou Securities, acted as joint bookrunners in respect of the placing, with SP Angel acting as Nomad.
Savannah, who have recently announced a positive DIA on its Barroso Lithium Project, will use the funds to progress their strategic European lithium project. They will focus on completing their DFS drilling programmes, the Mineral Resource Estimate upgrade, the RECAPE submission, the processing plant and infrastructure design, plus team expansion and community relations development.
Michael McGarty, Chief Financial Officer of Savannah, comments:
“In this successful fundraise process, Druces have again demonstrated their great ability, strength in depth, and flexibility in getting the job done. Jack Dervyn led the team excellently, and Mark Lamph in particular who combined solid legal skills with commercial acumen to make the process as efficient as possible.”
Dominic Traynor, Druces, comments:
“ We are delighted to have once again worked with the first class management team at Savannah and assist them with their latest fundraise. We wish the team well in their future endeavours as they focus on their top priority of progressing their strategic European lithium project”