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LONDON - Savannah Resources Plc (AIM:SAV) has raised £9.2 million ($12 million) through an oversubscribed placing and subscription at 3.7 pence per share, the European lithium development company announced Friday.
The fundraising consisted of a £5.9 million placing of 158,653,041 shares and a minimum £3.4 million subscription for 90,799,120 shares. The company said the placing generated strong demand and was significantly oversubscribed, requiring scaling back of investor allocations.
Proceeds will fund development of the Barroso Lithium Project in Portugal, including the acquisition of the Aldeia Mining Lease, which contains the highest lithia grade deposit across the project’s two mining leases. Additional funds will support front-end engineering design, long lead item vendor data, electrical grid connection work, and project finance activities.
"The support shown by existing and new shareholders through this significantly oversubscribed fundraise is greatly appreciated," said Emanuel Proença, Savannah’s CEO. "It gives the Company total cash reserves of approximately £20 million, meaning that we can carry on the development of our Project with great confidence."
Several company directors participated in the subscription, including Chairman Rick Anthon (550,676 shares), CEO Emanuel Proença (387,676 shares), and CFO Henrique Freire (220,050 shares). Major shareholders AMG Lithium B.V., Grupo Lusiaves SGPS, S.A., and Pluris Investments S.A. also subscribed for significant numbers of shares.
The Barroso Lithium Project was classified as a "Strategic Project" by the European Commission under the Critical Raw Materials Act in March 2025. Once operational, the project is expected to produce enough lithium for approximately 500,000 vehicle battery packs annually.
A separate retail offer remains open until November 11, with results to be announced shortly thereafter. The placing shares are expected to be admitted to trading on AIM on November 12.
This article is based on a press release statement from Savannah Resources.
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