By Christian Moess Laursen
Savannah Resources said Friday that it raised 6.1 million pounds ($8 million) in a share placing and subscription, which is GBP300,000 more than initially anticipated.
The mining company said it raised GBP2.4 million through the placing of 51.2 million placing shares at the price of 4.67 pence each, and GBP3.7 million through the subscription of 79.2 million subscription shares at the same price. This was initially expected to be GBP2.3 million and GBP3.5 million, respectively.
Savannah said that the proceeds will be used to accelerate the feasibility study at its wholly-owned Barroso lithium project in northern Portugal.
Following the placing and subscription, Savannah Resources now has approximately GBP11 million in cash, it said.
Write to Christian Moess Laursen at [email protected]
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