4th Nov 2014 08:51
LONDON (Alliance News) - Savannah Resources PLC Tuesday said it has raised GBP253,000 before expenses in a share placing, funds it will use to primarily for its exploration programmes in Oman and Mozambique.
The AIM-listed exploration and development company placed a total of just under 5.7 million new shares with new and existing investors at 4.45 pence each.
Shares in Savannah Resources were trading slightly lower Tuesday morning at 5.62 pence, down 0.04%.
"The net proceeds of the placing will be used by the group for its exploration programmes in Oman and Mozambique as well as for general working capital purposes," the company said in a statement.
Savannah Resources holds a 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in Mozambique. Savannah also has interests in two copper projects in the highly prospective Semail Ophiolite Belt in Oman.
The company said its cash position at end-October, before the share placing, was around GBP0.8 million.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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