Issue and Allotment of Ordinary Shares

RNS Number : 8592H

Savannah Resources PLC

22 May 2014

 



Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

22 May 2014

Savannah Resources Plc

Issue and Allotment of Ordinary Shares

Savannah Resources Plc (AIM: SAV) announces that on 21 May 2014 it issued 5,964,100 ordinary shares (at an issue price of £0.04 each) for cash received pursuant to, and subject to the terms and conditions set out in, a share purchase and convertible security deed dated 10 April 2014, the details of which were announced on 10 April 2014 (the "Relevant Shares"). Application has therefore been made for the Relevant Shares to be admitted to trading on AIM with admission expected to take place on 29 May 2014. The Relevant Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following admission of the Relevant Shares, the Company's enlarged issued share capital will comprise 167,329,459 ordinary shares with voting rights. This figure of 167,329,459 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

**ENDS**

For further information please visit www.savannahresources.com or contact:

David Archer	Savannah Resources plc	Tel: [phone]
James Maxwell / Jen Boorer	N+1 Singer	Tel: [phone]
Felicity Edwards/ Charlotte Heap	St Brides Media & Finance Ltd	Tel: [phone]

About Savannah

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity focussed exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM¹ (published in 2008).

Savannah also holds the right to acquire two copper projects in the highly prospective Semail Ophiolite Belt in Oman.   The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits.

In addition, Savannah owns an effective 20.9% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc.  Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project. 

 

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