Savannah Resources PLC Issue of Share Options (6590S)
December 23 2016 - 2:00AM
UK Regulatory
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
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December 23, 2016 02:00 ET (07:00 GMT)