18th Jul 2023 14:14
Savannah Resources PLC - lithium development company - Announces it has increased the gross proceeds from the fundraise announced last Thursday to GBP6.5 million from GBP6.1 million, following 8.8 million shares being issued raising GBP400,000. This means that 139.2 million new shares will be issued for a fundraise, increasing fundraise total to GBP6.5 million. The company will have an approximate GBP11.4 million in cash.
Chief Executive Officer Dale Ferguson said: "Savannah is at a hugely exciting juncture. Since the end of May, the company has delivered the long-awaited positive declaration of environmental impact on the Barroso lithium project, which was quickly followed by significantly improved project economics in our new scoping study.
"We can now add a well-supported fundraise, effectively at market price, to our recent milestones which provides us with a cash balance of approximately GBP11.4 million that allows us to materially progress our strategic European lithium project."
Current stock price: 352.40 pence, up 10%
12-month change: up 32%
By Will Neill, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved
Related Shares:
Savannah Resources