Druces' Capital Markets Team Advises Savannah Resources PLC on its £10m Placing
Druces’ Capital Markets team has advised Savannah Resources PLC, in connection with an accelerated bookbuild placing to complete a raise of gross placing proceeds of £10m and £0.3m through a direct subscription. Clarksons Platou Securities, finnCap and W H Ireland acted as joint bookrunners in respect of the placing, with SP Angel acting as Nomad.
The net proceeds of the placing and subscription will be combined with the US$6.4m investment expected from Galp Energia SGPS and used to complete the appraisal of Mina do Barroso, and evaluate opportunities to further enhance the Project’s ESG credentials. It gives Savannah a greater position of strength from which to develop Savannah’s lithium business beyond Mina do Barroso.
Michael McGarty, Chief Financial Officer of Savannah commented:
“Yet again the Druces team worked very effectively with our company and other advisors, and their guidance and input was an integral part of delivering a great result. This means that the Savannah team is well placed to complete the appraisal of our flagship project and to complement that work by evaluating opportunities to further enhance its ESG credentials, undertake exploration to define additional resources, and add key personnel to our project team as we proceed to the development phase”.
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