Savannah Resources raises proceeds of approximately £3.91m

Savannah Resources has raised approximately £3.91m cash to advance its project portfolio, the AIM quoted resource development company announced on Wednesday.

The funds were raised through the subscription by both new and existing investors at a placing price of 5.25p per share as well as the issue of one warrant for every two new subscription shares, with each warrant being issued at an exercise price of 6p with a term of three years.

David Archer, Savannah's chief executive office said: "The placement evidences the continued strong support for the company of our cornerstone shareholder, Al Marjan Ltd, and from a number of existing and new shareholders."

He added that the funds would be funeled into a variety of the company's projects.

"The funds raised will support our near term copper development objectives for Oman, an increasing tempo of activity at our lithium project in Portugal and our pre-feasibility study and pilot plant construction in Mozambique. With this placement we are well positioned to move confidently into 2018," said David Archer, Savannah's chief executive officer.