Post by
ScandiumPower on Aug 08, 2023 3:48am
Savannah got £6.5M funding - £11.4M cash in bank
Successful PrimaryBid Offer increases total Fundraise to £6.5 million Savannah Resources plc, the European lithium development company is pleased to announce the successful completion of the PrimaryBid Offer that was announced on 13 July 2023. . Following the Fundraise, Savannah will have approximately £11.4 million in cash.
The Company will use the funds raised to accelerate the key workstreams required to complete the Definitive Feasibility Study (“DFS”) for the Company's 100% owned Barroso Lithium Project (the “Project”) and to expand its team in Portugal, following the recently announced positive Environmental Impact Statement (“DIA”) from the Portuguese regulator and the Project’s updated scoping study.
The key workstreams are as follows:
• completion of DFS drilling programmes for Geotechnical and Resource classification;
• completion of the design of the Process Plant and Infrastructure, and Mineral Resources Estimate upgrade coupled with the start of Mining and Reserves compilation;
• the next stage of the environmental licencing process (“RECAPE”) culminating in a RECAPE submission;
• the ongoing land acquisition programme;
• ongoing Community initiatives;
• expansion of the Company’s team in Portugal; and
• additional working capital for Portuguese operations and ongoing Savannah Resources Plc costs.