Savannah Resources Raises £4.8 Million Through Retail Offering and Additional Subscriptions
Why we think this is good
The RNS announcement details a successful retail offering and additional subscriptions, which increased the total fundraise to £4.8 million. This is a positive development, as the company has secured additional funding to support its operations and development plans. The RNS does not mention any trading updates, operational issues, or regulatory concerns, and the financial position of the company appears to be strengthened by the additional funding. Overall, the news is viewed as a positive step for the company.
Key Points
- Retail offering and additional subscriptions raise £4.8 million in total
- Funds will support the development of the Barroso Lithium Project in Portugal
- Project classified as a 'Strategic Project' by the European Commission
- Combined with existing cash resources, the new funding provides a strong financial platform
Summary
Savannah Resources Plc has successfully completed a retail offering and received additional subscriptions, increasing the total fundraise to £4.8 million. The funds will be used to support the company's development plans for the Barroso Lithium Project in Portugal, which has been classified as a 'Strategic Project' by the European Commission. The additional funding, combined with the company's existing cash resources, provides a strong financial platform for the company to progress the project beyond the current Definitive Feasibility Study.