17:00 Mon 30 Sep 2019
Savannah Resources - Update on £1.24m Subscription by Major Shareholder
Update on
Savannah's CEO, David Archer said: "In the
Details of the LoI Subscription
· Al Marjan holding to stand at 20.68% following its LoI Subscription for
· Alternate Director, Manohar Pundalik Shenoy, is subscribing for 2,000,000 LoI Subscription Shares for
· As previously announced, the proceeds of the LoI Subscription, when aggregated with the net Placing proceeds the Company has already received, will predominantly be used to complete the Definitive Feasibility Study (the 'DFS') on the Mina do
Related Party Transaction
The subscriptions by Al Marjan and Mahohar Pundalik Shenoy are deemed to constitute Related Party transactions in accordance with AIM Rule 13 of the AIM Rules for Companies (the "Transaction"). Matthew King, David Archer, Dale Ferguson and James Leahy, who are directors independent of the Transaction consider, having consulted with the Company's Nominated Adviser, the subscriptions of Al Marjan and Manohar Pundalik Shenoy to be fair and reasonable insofar as Savannah's shareholders are concerned.
Voting Rights and Regulatory Information
Application will be made for the 62,100,000 LoI Subscription Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at
Following Admission of the LoI Subscription Shares, the Company's total issued share capital will consist of 1,297,459,820 Ordinary Shares. As such the total number of voting rights in the Company will be 1,297,459,820 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The notifications in appendix 1, made in accordance with the requirements of the EU Market Abuse Regulation (Regulation (EU) 596/2014), provides further detail.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.savannahresources.com or contact:
David Archer |
|
Tel: +44 20 7117 2489 |
David Hignell / Charlie Bouverat (Nominated Adviser) |
|
Tel: +44 20 3470 0470 |
Christopher Raggett (Joint Broker) |
finnCap Ltd |
Tel: +44 20 7220 0500 |
Grant Barker (Joint Broker) |
Whitman Howard |
Tel: +44 20 7659 1225 |
Melissa Hancock / Cosima Akerman (Financial PR) |
|
Tel: +44 20 7236 1177 |
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the
Appendix 1
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
a) |
Name: |
Manohar Pundalik Shenoy
|
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2. |
Reason for the notification |
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a) |
Position/status: |
Alternate non-executive director
|
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b) |
Initial notification/Amendment: |
|
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name: |
|
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b) |
LEI: |
213800UCK16HW5KKGP60 |
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4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. |
|||||
a) |
Description of the financial instrument, type of instrument:
Identification code: |
Ordinary Shares of
ISIN: GB00B647W791 |
||||
b) |
Nature of the transaction: |
Purchase of Ordinary Shares |
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c) |
Price(s) and volume(s): |
|
||||
d) |
Aggregated information: Aggregated volume: Price: |
Single transaction as in 4 c) above
|
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e) |
Date of the transaction: |
|
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f) |
Place of the transaction: |
Outside a trading venue |
**ENDS**
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