Savannah Resources PLC Exercise of Options (2299Q)
28 November 2016 - 7:00AM
UK Regulatory
TIDMSAV
RNS Number : 2299Q
Savannah Resources PLC
28 November 2016
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
28 November 2016
Savannah Resources Plc
Exercise of Options
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
the AIM quoted resource development company, announces that it has
issued 1,500,000 new ordinary shares of 1 pence each in the capital
of the Company ("Ordinary Shares") at the exercise price of 3.0
pence per share (the "New Shares"), following an exercise of share
options by a former employee.
Application has been made for the New Shares, which will rank
pari passu with the existing Ordinary Shares, to be admitted to
trading on AIM, with dealings expected to commence on 1 December
2016.
Following Admission, the Company will have a total of
450,946,455 Ordinary Shares in issue, which will also represent the
total number of voting rights in the Company. This figure of
450,946,455 Ordinary Shares should 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 share capital of the Company under 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 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 combined heavy mineral sands projects in
Mozambique with Rio Tinto, and can earn a 51% interest in the
combined Consortium Project, 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 agreement with Rio Tinto Savannah must deliver the
following to earn corresponding interest in the Consortium 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
additional gold upside potential, 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. Savannah
plans to initiate an exploration programme including data
compilation, geological mapping and surface sampling with the aim
of generating drill ready targets during 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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