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Savannah Resources raises £1.42mln with more cash to come

The placing of stock at 3.5p was “significantly oversubscribed”, according to chief executive David Archer.

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Savannah recently carried out an intensive drill programme in Oman.

Savannah Resources Plc (LON:SAV) said it has successfully raised £1.42mln that will fund the development of its Oman copper projects, which are due to go into production by the end of next year.

An additional £830,000 has been pledged by directors and investors, with £685,370 coming from Al Marjan, allowing it to maintain its 29.99% stake.

The placing of stock at 3.5p was “significantly oversubscribed”, according to chief executive David Archer.

The modest discount required to get the fundraise away underlines the appetite for junior resource stocks at the moment.

Savannah has applied for mining licences for the Mahab 4 and Maqail South deposits, which are currently estimated to contain an ‘inferred’ 1.7mln tonnes at 2.2% copper.

It is expected to post an updated resource estimate that should see a significant increase on the figure quoted above based on its recent “intensive” drill programme.

Quick facts: Savannah Resources PLC

Price: 2.2 GBX

AIM:SAV
Market: AIM
Market Cap: £28.58 m
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