31st Jul 2018 17:30
LONDON (Alliance News) - Savannah Resources PLC on Tuesday said its major shareholder Al Marjan Ltd has invested GBP1 million following a subscription.
Early in July, the multi-commodity development company intended to raise GBP11.5 million through placing and subscription of 128.3 million shares to support the next stage of development for its Mina do Barroso Lithium project in Portugal.
Al Marjan subscribed for 11.1 million shares at a price of 9 pence each.
The stock closed 2.2% lower on Tuesday at 8.8p per share.
Following the subscription, Savannah said Al Marjan holds a 24% interest in the company.
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