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SAV.GB Savannah Resources Plc

3.35
-0.10 (-2.90%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Savannah Resources Plc AQSE:SAV.GB Aquis Stock Exchange Ordinary Share GB00B647W791
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -2.90% 3.35 3.20 3.50 3.45 3.35 3.45 0.00 13:20:43
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Savannah Resources PLC Issue of Share Options (6590S)

23/12/2016 7:00am

UK Regulatory


Savannah Resources (AQSE:SAV.GB)
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TIDMSAV

RNS Number : 6590S

Savannah Resources PLC

23 December 2016

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

23 December 2016

Savannah Resources Plc

Issue of Share Options

Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), announces that it has granted options over 1,500,000 ordinary shares of 1 pence each in the Company ('Share Options').

The Share Options are being issued to certain employees in recognition of both their significant contribution towards progressing Savannah's portfolio of development projects in 2016 and also as part of attracting talented personnel to the Company.

The Share Options have an exercise price of 7.59p and an exercise period limit of four years; 50% will vest after 12 months of completed service and 50% after 24 months of completed service. The exercise price represents a premium of 35% to the closing price on 21 December 2016 and a premium of 53.5% to the 60 day VWAP.

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   Tel: +44 20 
                        plc                  7117 2489 
David Hignell / Gerry  Northland Capital    Tel: +44 20 
 Beaney (Nominated      Partners Ltd         3861 6625 
 Adviser) 
Jon Belliss / Elliot   Beaufort Securities  Tel: +44 20 
 Hance                  Ltd                  7382 8300 
 (Corporate Broker) 
Charlotte Page /       St Brides Partners   Tel: +44 20 
 Lottie Brocklehurst    Ltd                  7236 1177 
 

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, 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 3.5 billion tonnes at 3.8% THM over the Jangamo and Dongane deposits. Under the terms of the Consortium Agreement with Rio Tinto, Savannah must deliver the following to earn 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 159km(2) in Finland. Savannah holds a 100% interest in these projects through its Finnish subsidiary Finkallio Oy. Geological mapping by the Finnish Government within the project areas has highlighted the presence of lithium minerals spodumene, lepidolite and petalite with the Government also identifying Somero and Erajarvi as one of the most prospective areas to discover lithium deposits in Finland. Follow up work to further expand and define seven identified anomalous pegmatites in readiness for drilling is being planned for the second quarter of 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCTTBFTMBJTBTF

(END) Dow Jones Newswires

December 23, 2016 02:00 ET (07:00 GMT)

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