Highlights

  • Savannah raises minimum GBP 9.2m through placing and subscription at 3.7p per share.
  • Net proceeds allocated to Aldeia Mining Lease acquisition and project development tasks.
  • Retail offer remains open until 11 November 2025 for individual investors.

Savannah Resources Plc (LSE:SAV) has announced the completion of its accelerated bookbuild and subscription process. The placing, conducted through an expedited bookbuild managed by SP Angel Corporate Finance LLP with support from several joint bookrunners, closed with demand exceeding the target size.

The company secured a minimum of GBP 9.2m (USD 12m) before expenses. This includes approximately GBP 5.9m (USD 7.6m) raised via the placing of 158,653,041 shares at an issue price of 3.7p each, and at least GBP 3.4m (USD 4.4m) from the subscription of 90,799,120 shares at the same price. The final number of subscription shares will be confirmed after the ongoing retail offer concludes.

According to the update, the fundraise adds to Savannah’s existing cash reserves, bringing the total to around GBP 20m (USD 26m).

Planned Use of Proceeds

Savannah intends to apply the net proceeds to advance the Barroso Lithium Project. Key allocations include:

  • Acquisition of the Aldeia Mining Lease, which hosts the highest lithia grade deposit across the company’s two mining licences.
  • Additional project development activities, covering Front-End Engineering Design work, long-lead equipment vendor data, and electrical grid connection tasks.
  • Fees related to progressing project finance workstreams ahead of a final investment decision.
  • Land control activities, particularly securing rights for the high-voltage power line and Aldeia licence area.
  • Working capital to support continued development toward construction.

Admission and Regulatory Details

The placing and subscription remain subject to admission of new shares to trading on AIM. Applications have already been submitted for the 158,653,041 placing shares and the subscription shares, with trading expected to commence at 8:00 a.m. on 12 November 2025.

Participation by Directors and Major Shareholders

Several directors and persons discharging managerial responsibilities subscribed for a combined 1,158,401 shares, totalling approximately GBP 42,861. Their post-transaction holdings have been updated accordingly.

Substantial shareholders—AMG Lithium B.V., Grupo Lusiaves SGPS, S.A., and Pluris Investments S.A.—also participated in the subscription, collectively taking significant allocations. Their subscriptions may increase following the retail offer to maintain proportional holdings.

Share Performance of SAV

SAV’ shares were trading GBX 3.75 per share, up by 7.14% at the time of writing on 7 November 2025