Result of AGM and Issue of Ordinary Shares

RNS Number : 4059D

Savannah Resources PLC

26 April 2017

 

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

26 April 2017

Savannah Resources Plc

Result of Annual General Meeting

Issue of Ordinary Shares

Savannah Resources plc (AIM:SAV) ('Savannah' or the 'Company') advises that all resolutions put to shareholders at its Annual General Meeting held today in London were duly passed.

Savannah advises that it has approval to issue 11,190,088 ordinary shares of 1p each in the Company ('Ordinary Shares') to Al Marjan Ltd at a price of 5.25p pursuant to the Company's announcement of 2 March 2017 (the 'Al Marjan Part 2 Shares').

The Company has also agreed to issue 1,688,870 Ordinary Shares to senior employees of the Company at a price of 5.84p as remuneration and pursuant to the Company's announcement on 2 March 2017 (the '2016 Performance Bonus Shares').

Details of Ordinary Share Issue

Application will be made for the Al Marjan Part 2 Shares and the 2016 Performance Bonus Shares which, will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence on or around 3 May 2017.

Following Admission, the Company's total issued share capital will consist of 514,540,089 Ordinary Shares. As such the total number of voting rights in the Company will be 514,540,089 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.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

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

David Archer	Savannah Resources plc	Tel: [phone]
David Hignell / Gerry Beaney (Nominated Adviser)	Northland Capital Partners Ltd	Tel: [phone]
Jon Belliss / Elliot Hance (Corporate Broker)	Beaufort Securities Ltd	Tel: [phone]
Charlotte Page / Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, mineral development company.

Mozambique

Savannah operates the Mutamba heavy mineral sands project in Mozambique in collaboration with Rio Tinto, and can earn a 51% interest in the related Consortium, which has an established initial Indicated and Inferred Mineral Resource Estimate of 4.4Bt at 3.9% THM over the Jangamo, Dongane and Ravene deposits.  Under the terms of the Consortium Agreement with Rio Tinto, upon delivery by Savannah of the following, Savannah will earn the corresponding interest in the Mutamba Project: scoping study - 20%; pre-feasibility study - 35%; feasibility study - 51%. Additionally, the Consortium Agreement includes an offtake agreement on commercial terms for the sale of 100% of production to Rio Tinto (or an affiliate).

Oman

Savannah has interests in two copper blocks 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, with gold credits, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper and gold producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits and in December 2015 outlined exploration targets of between 10,700,000 and 29,250,000 tonnes grading between 1.4% and 2.4% copper.

Finland

Savannah has Reservation Permits over two new lithium projects, Somero and Erajarvi, covering an area of 159km² in Finland.  Savannah holds a 100% interest in these projects through its Finnish subsidiary Finkallio Oy.  Geological mapping has highlighted the presence of seven pegmatites across the licence areas - two on Somero and five on Erajarvi - with key lithium minerals petalite, spodumene and lepidolite all identified in hand specimens. Follow up work to further expand and define the pegmatites in readiness for drilling is being planned for the second quarter of 2017 (after winter).

Notes

The information in this document that relates to the resource estimation is based upon information compiled by Mr Colin Rothnie, an independent consultant. Mr Rothnie is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Rothnie consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

 

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