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Savannah Resources completes share subscription offer

Major shareholder Al Marjan put its hand in its pocket to keep its stake at just below 30%, while the CEO and chairman also subscribed for shares

Pound notes
An extra £825,186 was raised for the company

Savannah Resources Plc (LON:SAV), the mining exploration company, said the share subscription announced last month has been completed.

Certain directors of the company, plus Savannah’s major shareholder Al Marjan Ltd, subscribed for 23.6mln shares at 3.5p, raising £825,186 for the company, to augment the £1.42mln it raised via the placing that was also announced last month.

Al Marjan maintained its 29.99% stake in the enlarged share capital at a cost of £685,370.

Chief executive David Archer maintained his 5.77% with a £129,816 investment while chairman Matthew King invested £10,000 in subscription shares that represent 0.2% of the company’s shares in issue.

The money raised has been earmarked for a number of things, including work on its Oman copper-gold project, advancing its heavy mineral sands projects in Mozambique in conjunction with mining heavyweight Rio Tinto and to define drill targets at its lithium projects in Finland.  

Read the investment overview

 

Quick facts: Savannah Resources PLC

Price: 2.35 GBX

AIM:SAV
Market: AIM
Market Cap: £30.49 m
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