Savannah Resources launches retail share offer at 5.5p

Savannah Resources Plc, a company listed on AIM under the ticker SAV, has announced a retail offer of new ordinary shares at 5.5 pence each. This represents a 5.5% discount to the closing price on September 18. The retail offer is being conducted through RetailBook's network of partners, which includes retail brokers, wealth managers, and investment platforms. Both existing shareholders and new investors, who reside in the United Kingdom, are eligible to participate. The minimum subscription per investor is £250.

The retail offer is contingent upon the company's shares being admitted to trading on AIM, which is expected to happen at 8:00 a.m. on September 28. Additionally, the offer is conditional on a separate institutional placing that the company announced earlier today. Savannah Resources intends to utilize the net proceeds from the retail offer to progress the Barroso Lithium Project toward a Final Investment Decision.

This includes activities such as securing long lead items, general and administrative costs, project financing, permitting, geotechnical and resource drilling, acquiring land use rights, engaging in community initiatives, and building up working capital.

Investors can apply for new ordinary shares through tax-efficient vehicles like ISAs or SIPPs, as well as General Investment Accounts. RetailBook will not impose any commission on applications for the retail offer. The retail offer is slated to close at 5 p.m. on Wednesday, but it may close earlier if it's oversubscribed or if the company decides otherwise.

The company reserves the right to reduce any order it receives. The total value of shares available for subscription under the retail offer does not exceed 10% of the entire placing and subscription. The new ordinary shares will have equal status to existing ordinary shares, including the entitlement to all future dividends and distributions declared after their issue date.