Savannah Resources PLC Result of AGM and Issue of Ordinary Shares (4059D)
April 26 2017 - 7:00AM
UK Regulatory
TIDMSAV
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 Tel: +44 20 7117 2489
plc
David Hignell / Gerry Northland Capital Tel: +44 20 3861 6625
Beaney (Nominated Partners Ltd
Adviser)
Jon Belliss / Elliot Beaufort Securities Tel: +44 20 7382 8300
Hance Ltd
(Corporate Broker)
Charlotte Page / St Brides Partners Tel: +44 20 7236 1177
Lottie Brocklehurst Ltd
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 159km(2) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RAGIFMMTMBJTBLR
(END) Dow Jones Newswires
April 26, 2017 07:00 ET (11:00 GMT)
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Apr 2024 to May 2024
Savannah Resources (LSE:SAV)
Historical Stock Chart
From May 2023 to May 2024