REG - Savannah Resources - Result of Accelerated Bookbuild and Subscription

Savannah ResourcesAnnouncement

07/11/2025 07:30

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RNS Number : 6572G  Savannah Resources PLC  07 November 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
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").

7 November 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 6 November 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 coordinator and joint
bookrunner alongside Canaccord Genuity Limited, Caixa-Banco de Investimento,
S.A and Alantra Equities, SV, S.A as joint bookrunners.

 

The Placing generated strong demand and was significantly oversubscribed and
was scaled back as a result. Hence, the Company has raised, in aggregate, a
minimum of £9.2 million (US$12.0 million) (before expenses), from £5.9
million (US$7.6 million) through the Placing of 158,653,041 Placing Shares at
the Issue Price of 3.7 pence per Placing Share and, pursuant to the
Subscription, a minimum of £3.4 million (US$4.4 million) through the
subscription for a minimum of 90,799,120 Subscription Shares also at the Issue
Price (the "Subscription"). The final number of Subscription Shares to be
subscribed pursuant to the Subscription will only be determined following the
completion of the Retail Offer, following which certain Subscribers may
increase the number of Subscription Shares subscribed for in order to maintain
their percentage interests.

 

The net funds raised through the Placing and Subscription will be used to
enhance the value of the Barroso Lithium Project (the 'Project') through the
acquisition of the Aldeia Mining Lease, while progressing key workstreams
towards construction. The net proceeds of the Fundraise, will be allocated as
follows:

 

·    Aldeia: Mining Lease acquisition (the Aldeia Mining Lease contains
the highest lithia grade deposit across the Project's two Mining Leases which
is located close to the planned processing plant)

·    Project Development: additional work on Front End Engineering Design,
Long Lead Item vendor data and electrical grid connection work

·    Project Finance: Additional fees to advance towards the Final
Investment Decision (excluding success fee) Land Control: Securing land use
rights for the high voltage power line and Aldeia Mining Lease

·    For additional working capital purposes and to advance the Project
towards construction

 

The Retail Offer remains open for individual investors until 12.00 p.m. on 11
November 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: "The support shown
by existing and new shareholders through this significantly oversubscribed
Fundraise is greatly appreciated by all at Savannah. It gives the Company
total cash reserves of approximately £20 million (circa US$26 million),
meaning that we can carry on the development of our Project with great
confidence and control of important value accretive elements beyond the DFS
and into pre-construction.

 

The fact that investment demand strongly outweighed the US$12 million target
we had set clearly demonstrates the growing interest which is developing in
our Project, as well as the ongoing improving investor sentiment towards the
lithium sector. Financial discipline is important for us and our shareholders
and we expect that some of the additional interest that was expressed may be
channelled to direct on-market purchases, further supporting share liquidity
and price.

 

Specifically, this additional capital allows Savannah to acquire the Aldeia
Mining Lease, which will be a valuable supplement to the Project due to its
existing high grade lithium resource and wider prospectivity.

 

"The extra capital also means we can commit further to workstreams that are
critical to the Project's development once the DFS, which is fully funded, is
completed in 1H 2026. These include, Front-End Engineering Design, specifying
long lead items of plant and equipment, and preparations for project finance.

 

"Our largest shareholders have again provided considerable financial support
to the Company, and we continue to build our institutional investor base
within Portugal, the UK and elsewhere through participation by existing and
new funds which include both sector specialists and generalist investors.

 

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

 

"With our financial position further strengthened and the Project set to be
expanded to include the Aldeia Mining Lease, we look forward to moving forward
quickly and generating significant news flow as we deliver on our plan of
becoming a major producer of lithium raw material for both Europe's and the
world'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 158,653,041
Placing Shares and separately for the Subscription Shares, which are expected
to become effective and dealings in the Placing Shares and Subscription Shares
commence at 8.00 a.m. on 12 November 2025.

 

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

 

Related Party participation in the Subscription

Certain Directors and PDMRs have subscribed for an aggregate of 1,158,401
Subscription Shares at the Issue Price for an aggregate amount of
approximately £42,861 as set out below:

 

 PDMR                    Current        Subscription Number of Subscription Shares  Resulting Shareholding

                         Shareholding
 Rick Anthon - Chairman  714,286        550,676                                     1,264,962
 Emanuel Proença - CEO   2,736,880      387,676                                     3,124,556
 Henrique Freire - CFO   2,300,000      220,050                                     2,520,050

 

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

 

 Substantial Shareholder     Current                                     Number of Subscription Shares  Resulting Shareholding

                             Shareholding
 AMG Lithium B.V.                            361,731,077                 39,077,634                     400,808,711
 Grupo Lusiaves SGPS, S.A.*  230,994,727                                 24,954,249                     255,948,976
 Pluris Investments S.A.*                    230,937,119                 24,948,025                     255,885,144

* The total number of Subscription Shares issued to such Subscribers may
increase, 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

Emanuel Proença, Rick Anthon, AMG Lithium BV, Grupo Lusiaves SGPS, S.A. and
Pluris Investments S.A., 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. 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 6 November 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) . (https://www.savannahresources.com) com
(https://www.savannahresources.com) or contact:

 

 Savannah Resources PLC                                            Tel: +44 20 7117 2489

 Emanuel Proença, CEO
 SP Angel Corporate Finance LLP (Nominated Adviser, Broker,        Tel: +44 20 3470 0470

 Global coordinator & Joint Bookrunner)

 David Hignell/ Charlie Bouverat/ Adam Cowl (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 (Equity 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 Anton

                                                                   2.    Emanuel Proença

                                                                   3.    Henrique Freire

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

                                                                   2.    Chief Executive Officer

                                                                   3.    Chief Financial 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.    3.7p     550,676
                                                                   2.    3.7p     387,676
                                                                   3.    3.7p     220,050
 d)  Aggregated information:                                       Single transactions as in 4 c) above

     Aggregated volume:

     Price:
 e)  Date of the transaction:                                      7 November 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:

7 November 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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