REG - Savannah Resources - Result of Accelerated Bookbuild and Subscription

Savannah ResourcesAnnouncement

27/06/2025 07:30

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RNS Number : 7262O  Savannah Resources PLC  27 June 2025

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REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF
CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR
SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE
OF ANY SECURITIES OF SAVANNAH RESOURCES PLC IN ANY JURISDICTION IN WHICH ANY
SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 14
OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 AS AMENDED BY THE EUROPEAN UNION (WITHDRAWAL) ACT 2020
("MAR").

27 June 2025

Savannah Resources Plc

 

(AIM: SAV, FWB: SAV and SWB: SAV) ("Savannah" or the "Company")

 

Result of Accelerated Bookbuild and Subscription

 

Savannah Resources plc, the European lithium development company is pleased to
announce that further to its announcement dated 26 June 2025 (the "Launch
Announcement"), it has successfully completed the Placing, which has now
closed. The Placing took place through an accelerated bookbuilding process
managed by SP Angel Corporate Finance LLP as Global co-ordinator and joint
bookrunner alongside Canaccord Genuity Limited, Caixa-Banco de Investimento,
S.A and Alantra Equities, SV, S.A as joint bookrunners.

 

The Company has raised, in aggregate, a minimum of £4.24 million (US$5.81
million) (before expenses), from £2.22 million (US$3.04 million) through the
Placing of 63,422,857 Placing Shares at the Issue Price of 3.5 pence per
Placing Share and, pursuant to the Subscription, a minimum of £2.02 million
(US$2.77 million) through the subscription for a minimum of 57,823,547
Subscription Shares also at the Issue Price (the "Subscription"). The final
number of Subscription Shares to be subscribed for pursuant to the
Subscription will only be determined following the completion of the Retail
Offer, following which certain Subscribers may be scaled-back to maintain
their percentage interests.

 

The Retail Offer remains open for individual investors until 4.30 p.m. on 1
July 2025 and the result of the Retail Offer and final results of the
Subscription will be made as soon as practicable thereafter.

 

Savannah's Chief Executive Officer, Emanuel Proença said: "We are delighted
and humbled by the support shown in Savannah's ongoing development of the
Barroso Lithium Project by existing and new shareholders alike through this
Placing and Subscription. Coupled with our existing cash resources, this
modest but important fundraise gives Savannah a financial position of
significant strength. As a result, we can continue to move ahead at speed with
our development of the Project.

 

"My sincere thanks go to all those who have participated in this financing and
shown their support for both Savannah and, in turn, Europe's wider efforts to
execute its energy transition. The contribution from our four largest
shareholders is greatly appreciated and clearly demonstrates their ongoing
strong support for Savannah and the Project. We are also pleased to have
received significant investment from Portuguese institutions, which further
highlights the strong domestic support which the Project enjoys. Savannah is
also delighted to welcome a number of new institutional investors onto our
register from France and UK, which includes sector specialists. This
multinational interest in the Project underlines the international efforts
which are being made to expedite its development.

 

"Retail shareholders still have the opportunity to invest alongside these
institutions through the separate offer announced yesterday, the result of
which will be announced next week.

 

"This addition working capital will help us to progress work on multiple
fronts which will feed into the current Definitive Feasibility Study and into
our ongoing preparations for post-DFS workstreams. These include obtaining
finance for the Project's construction, continuing to secure land associated
with the Project, and further enhancing our team.

 

"With our financial position significantly strengthened, we look forward to
updating all our shareholders, new and existing, with regular news on the
Project's ongoing development as we seek to establish ourselves , and
Portugal, as a long term, responsible producer of lithium raw material for
Europe's battery value chain."

 

Admission to trading on AIM

The Placing and Subscription are conditional on the admission of the Placing
Shares and Subscription Shares to trading on AIM ("Admission"). Application
has been made to the London Stock Exchange for Admission of the 121,246,404
Placing Shares and Subscription Shares which is expected to become effective
and dealings in the Placing Shares and Subscription Shares commence at 8.00
a.m. on 2 July 2025.

 

The issuance of the Placing Shares and Subscription Shares will be made from
the authorities granted to Directors to issue Ordinary Shares at the Annual
General Meeting of the Company held on 10 June 2025.

 

A further announcement regarding the Admission of the Retail Offer Shares and
additional Subscription Shares will be made in due course.

 

Related Party participation in the Subscription

Two Directors have subscribed for an aggregate of 1,000,002 Subscription
Shares at the Issue Price for an aggregate amount of approximately £35,000 as
set out below:

 

 Director        Current        Subscription Number of Subscription Shares  Resulting Shareholding

                 Shareholding
 Rick Anthon     0              714,286                                     714,286
 Dale Ferguson*  4,701,986      285,716                                     4,987,702

*Mr Dale Ferguson, the Company's Technical Director, is also a Director of and
minority shareholder in Slipstream Resources Investments Pty Ltd.

 

In addition, AMG Lithium B.V. (a wholly owned subsidiary of Euronext
Amsterdam-listed AMG Critical Materials N.V), Al Marjan Limited, Grupo
Lusiaves SGPS, S.A., Mário Nuno dos Santos Ferreira, all substantial
shareholders in the Company, have each subscribed for Subscription Shares at
the Issue Price as follows:

 

 Substantial Shareholder           Current        Subscription Number of Subscription Shares  Resulting Shareholding

                                   Shareholding
 AMG lithium B.V.*                 342,612,420    19,118,657                                  361,731,077
 Al Marjan Limited                 275,762,589    9,142,857                                   284,905,446
 Grupo Lusiaves SGPS, S.A.*        218,785,909    12,208,818                                  230,994,727
 Mário Nuno dos Santos Ferreira*   217,277,421    12,124,640                                  229,402,061

* The total number of Subscription Shares issued to such Subscribers may be
subject to scale-back, following the completion of the Retail Offer, to ensure
that their percentage shareholding is maintained on completion of the
Fundraise.

 

The updated percentage holdings of the Company's Directors and significant
shareholders will be disclosed in due course along with the result of the
Retail Offer.

 

Related Party Transaction

Rick Anthon, Dale Ferguson, AMG Lithium BV, Al Marjan Limited, Grupo Lusiaves
SGPS, S.A. and Mário Nuno dos Santos Ferreira are, respectively, Directors of
and  substantial shareholders in the Company (the "Related Parties") and
their participation in the Subscription constitutes a related party
transaction in accordance with AIM Rule 13. Emanuel Proença, Diogo da
Silveira and Bruce Griffin are not participating in the Subscription and are
therefore considered independent Directors for these purposes, having
consulted with the Company's Nominated Adviser, consider the terms of the
Related Parties' participation in the Subscription to be fair and reasonable
insofar as Savannah's shareholders are concerned.

 

Note

Defined terms used in this announcement shall have the same meaning as in the
Launch Announcement dated 26 June 2025 unless otherwise defined herein.

 

Savannah - Enabling Europe's energy transition.

 

**ENDS**

Follow @SavannahRes on X (Formerly known as Twitter)

Follow Savannah Resources on LinkedIn

 

For further information please visit www.savannahresources
(https://www.savannahresources.com/) .com or contact:

 

 Savannah Resources PLC                                                         Tel: +351 963 850 959

 Emanuel Proença, CEO
 SP Angel Corporate Finance LLP (Nominated Adviser, Broker, Global coordinator  Tel: +44 20 3470 0470
 & Joint Bookrunner)

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/Abigail Wayne (Sales & Broking)

 Canaccord Genuity Limited (Joint Broker & Joint Bookrunner)                    Tel: +44 20 7523 8000

 James Asensio / Charlie Hammond (Corporate Broking)

 Ben Knott (Sales)
 Caixa-Banco de Investimento, S.A (Joint Bookrunner)                            Tel: +351 21 313 73 00

 Paulo Serpa Pinto/ Renato Soares (Capital Markets)

 Sofia Cordeiro (Sales)
 Alantra Equities, SV, S.A (Joint Bookrunner)                                   Tel: +34 91 550 8708

 Andre Pereira (Equity Capital Markets)
 Portugal Media Relations

 Savannah Resources: Antonio Neves Costa, Communications Manager                Tel: +351 962 678 912

 

About Savannah

Savannah Resources is a mineral resource development company and the sole
owner of the Barroso Lithium Project (the 'Project') in northern Portugal. The
Project is the largest battery-grade spodumene lithium resource outlined to
date in Europe and was classified as a 'Strategic Project' by the European
Commission under the Critical Raw Materials Act in March 2025.

 

Through the Project, Savannah will help Portugal to play an important role in
providing a long-term, locally sourced, lithium raw material supply for
Europe's lithium battery value chain. Once in operation, the Project will
produce enough lithium (contained in c.190,000tpa of spodumene concentrate)
for approximately half a million vehicle battery packs per year and hence make
a significant contribution towards the European Commission's Critical Raw
Material Act goal of a minimum 10% of European endogenous lithium production
from 2030. Savannah is focused on the responsible development and operation of
the Barroso Lithium Project so that its impact on the environment is minimised
and the socio-economic benefits that it can bring to all its stakeholders are
maximised.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 

 1.  Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         1.    Rick Anthon

                                                                   2.    Dale Ferguson

                                                                   3.    Henrique Freire

                                                                   4.    Michael McGarty
 2.  Reason for the notification
 a)  Position/status:                                              1.    Chairman

                                                                   2.    Technical Director

                                                                   3.    Chief Financial Officer

                                                                   4.    Chief Corporate Officer
 b)  Initial notification/Amendment:
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Savannah Resources Plc
 b)  LEI:                                                          213800UCK16HW5KKGP60
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted.
 a)  Description of the financial instrument, type of instrument:  Ordinary Shares of £0.01 each

     Identification code:

                                                                   ISIN: GB00B647W791
 b)  Nature of the transaction:                                    Subscription for Subscription Shares
 c)  Price(s) and volume(s):

Price(s)            Volume(s)
                                                                   1.    3.5 pence     714,286
                                                                   2.    3.5 pence     285,716
                                                                   3.    3.5 pence     2,300,000
                                                                   4.    3.5 pence     285,716
 d)  Aggregated information:                                       Single transactions as in 4 c) above

     Aggregated volume:

     Price:
 e)  Date of the transaction:                                      27 June 2025
 f)  Place of the transaction:                                     Outside a trading venue

d)

Aggregated information:

Aggregated volume:

Price:

Single transactions as in 4 c) above

 

e)

Date of the transaction:

27 June 2025

f)

Place of the transaction:

Outside a trading venue

 

IMPORTANT INFORMATION

This Announcement has been issued by, and is the sole responsibility of, the
Company. No representation or warranty express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by the Joint Bookrunners or by any of their respective Affiliates as
to or in relation to, the accuracy or completeness of this Announcement or any
other written or oral information made available to or publicly available to
any interested party or its advisers, and any liability therefore is expressly
disclaimed.

This Announcement does not constitute, or form part of, a prospectus relating
to the Company, nor does it constitute or contain any invitation or offer to
any person, or any public offer, to subscribe for, purchase or otherwise
acquire any shares in the Company or advise persons to do so in any
jurisdiction, nor shall it, or any part of it form the basis of or be relied
on in connection with any contract or as an inducement to enter into any
contract or commitment with the Company. In particular, the Placing Shares
have not been, and will not be, registered under the United States Securities
Act of 1933, as amended (the "Securities Act") or qualified for sale under the
laws of any state of the United States or under the applicable laws of any of
Canada, Australia, the Republic of South Africa, or Japan and, subject to
certain exceptions, may not be offered or sold in the United States or to, or
for the account or benefit of, US persons (as such term is defined in
Regulation S under the Securities Act) or to any national, resident or citizen
of Canada, Australia, the Republic of South Africa or Japan. The issue of the
Placing Shares does not require any registration, notification or
authorisation in Spain or the European Union.

The distribution or transmission of this Announcement and the offering of the
Placing Shares in certain jurisdictions may be restricted or prohibited by law
or regulation. Persons distributing this Announcement must satisfy themselves
that it is lawful to do so. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction. No
action has been taken by the Company or the Joint Bookrunners that would
permit an offering of such shares or possession or distribution of this
Announcement or any other offering or publicity material relating to such
shares in any jurisdiction where action for that purpose is required. Persons
into whose possession this Announcement comes are required by the Company and
the Joint Bookrunners to inform themselves about, and to observe, such
restrictions. In particular, this Announcement may not be distributed,
directly or indirectly, in or into the United States, Canada, the Republic of
South Africa, Australia or Japan. Overseas Shareholders and any person
(including, without limitation, nominees and trustees), who have a contractual
or other legal obligation to forward this document to a jurisdiction outside
the UK should seek appropriate advice before taking any action.

This Announcement contains "forward-looking statements" which includes all
statements other than statements of historical fact, including, without
limitation, those regarding the Company's financial position, business
strategy, plans and objectives of management for future operations, or any
statements preceded by, followed by or that include the words "targets",
"believes", "expects", "aims", "intends", "will", "may", "anticipates",
"would", "could", "indicative", "possible" or similar expressions or negatives
thereof. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Company's control that
could cause the actual results, performance or achievements of the Group to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such forward-looking
statements are based on numerous assumptions regarding the Company's present
and future business strategies and the environment in which the Company will
operate in the future. These forward-looking statements speak only as at the
date of this Announcement. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statements are based unless required to do so
by applicable law or the AIM Rules.

No statement in this Announcement is intended to be a profit forecast and no
statement in this Announcement should be interpreted to mean that earnings or
losses per share of the Company for the current or future financial years
would necessarily match or exceed the historical published earnings or losses
per share of the Company.

SP Angel Corporate Finance LLP ("SP Angel"), which is authorised and regulated
by the Financial Conduct Authority in the United Kingdom, is acting as
nominated adviser to the Company for the purposes of the AIM Rules in
connection with the Placing and, as nominated adviser, its responsibilities
are owed solely to the London Stock Exchange and are not owed to the Company
or its Directors or to any other person or entity. SP Angel will not be
responsible to any person other than the Company for providing the protections
afforded to clients SP Angel or for providing advice to any other person in
connection with the Fundraising or any acquisition of shares in the Company.
SP Angel is not making any representation or warranty, express or implied, as
to the contents of this Announcement. SP Angel has not authorised the contents
of, or any part of, this Announcement, and no liability whatsoever is accepted
by SP Angel for the accuracy of any information or opinions contained in this
Announcement or for the omission of any material information.

Canaccord Genuity Limited ("Canaccord") is authorised and regulated in the
United Kingdom by the Financial Conduct Authority and is acting exclusively
for the Company and no one else in connection with the Placing and other
matters referred to in this Announcement, and Canaccord will not be
responsible to anyone (including any Placees) other than the Company for
providing the protections afforded to the clients of Canaccord or for
providing advice in relation to the Placing or any other matters referred to
in this Announcement. Canaccord is not making any representation or warranty,
express or implied, as to the contents of this Announcement. Canaccord has not
authorised the contents of, or any part of, this Announcement, and no
liability whatsoever is accepted by Canaccord for the accuracy of any
information or opinions contained in this Announcement or for the omission of
any material information.

Alantra Equities, SV, S.A ("Alantra") is authorised and regulated by the
Comisión Nacional del Mercado deValores (CNMV) and is registered as an
investment services firm in the CNMV Register under the number 245. Alantra is
acting exclusively for the Company and no one else in connection with the
Placing and other matters referred to in this Announcement, and Alantra will
not be responsible to anyone (including any Placees) other than the Company
for providing the protections afforded to the clients of Alantra or for
providing advice in relation to the Placing or any other matters referred to
in this Announcement. Alantra is not making any representation or warranty,
express or implied, as to the contents of this Announcement. Alantra has not
authorised the contents of, or any part of, this Announcement, and no
liability whatsoever is accepted by Alantra for the accuracy of any
information or opinions contained in this Announcement or for the omission of
any material information.

Caixa - Banco de Investimento, S.A. ("CaixaBI") is a credit institution
registered at the Bank of Portugal under number 025, and a financial
intermediary authorized to provide brokerage services since 29/07/1991,
registered at the Portuguese Securities Market Commission under number 102.
CaixaBI  is acting exclusively for the Company and no one else in connection
with the Placing and other matters referred to in this Announcement, and
CaixaBI will not be responsible to anyone (including any Placees) other than
the Company for providing the protections afforded to the clients of CaixaBI
or for providing advice in relation to the Placing or any other matters
referred to in this Announcement. CaixaBI is not making any representation or
warranty, express or implied, as to the contents of this Announcement. CaixaBI
has not authorised the contents of, or any part of, this Announcement, and no
 liability whatsoever is accepted by CaixaBI for the accuracy of any
information or opinions contained in this Announcement or for the omission of
any material information.

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into, or forms part of, this Announcement.

 

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