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LONDON - Savannah Resources (LON:SAVS) Plc (AIM:SAV) has raised £4.24 million ($5.81 million) through an accelerated bookbuild and subscription process, the European lithium development company announced Friday.
The fundraising consisted of £2.22 million ($3.04 million) through the placing of 63,422,857 shares and a minimum of £2.02 million ($2.77 million) through the subscription of at least 57,823,547 shares, all priced at 3.5 pence per share.
The company’s retail offer remains open for individual investors until July 1, after which final subscription figures will be determined.
Four of Savannah’s largest shareholders participated in the subscription, including AMG Lithium B.V., Al Marjan Limited, Grupo Lusiaves SGPS, S.A., and Mário Nuno dos Santos Ferreira. Two directors, Rick Anthon and Dale Ferguson, subscribed for an aggregate of 1,000,002 shares.
The newly issued shares are expected to be admitted to trading on AIM on July 2.
Emanuel Proença, Savannah’s CEO, stated that the funds would support ongoing development of the company’s Barroso Lithium Project in Portugal, which was classified as a "Strategic Project" by the European Commission under the Critical Raw Materials Act in March 2025.
"This modest but important fundraise gives Savannah a financial position of significant strength," Proença said in the press release statement.
The bookbuilding process was 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.
According to the company, the Barroso Lithium Project is the largest battery-grade spodumene lithium resource outlined to date in Europe and is expected to produce enough lithium for approximately half a million vehicle battery packs annually once operational.
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