The AIM-quoted resource development company announced that, further to its recent cash subscription to raise £1.52mln announced on 3 April 2018, Al Marjan and the employees subscribed for 10,545,457 new ordinary shares at a price of 5.5p each.
It noted that Al Marjan's holding in the company will be 28.2% following the cash subscription of £565,000
Savannah Resources added that, as previously announced, the aggregated net proceeds of the subscriptions, will be used to advance the company’s project pipeline.
The group said the monies will be used to continue resource definition drilling and scoping study at the Mina do Barroso Lithium Project in Portugal as the company fast-tracks it to decision to mine;
It added that they will also be used for continued activities around the copper project in Oman; and in advancing the pre-feasability study for the world-class Mutamba Heavy Mineral Sands Project in Mozambique.