Savannah Resources PLC Settlement of Portuguese Deferred Consideration (3440D)
October 09 2018 - 2:00AM
UK Regulatory
TIDMSAV
RNS Number : 3440D
Savannah Resources PLC
09 October 2018
9 October 2018
Savannah Resources Plc
Settlement of Portuguese Project Deferred Consideration
Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or
'the Company'), the AIM quoted resource development company,
announces that it has commenced the settlement of the second, and
final, deferred consideration tranche in accordance with the terms
of the acquisition of the Company's portfolio of Portuguese
projects in May 2017, which includes the flagship Mina do Barroso
Project ('Milestone 2').
Issue of Milestone 2 Deferred Consideration - Further Detail
In accordance with the share purchase agreement dated 24 May
2017 between the Company and the vendors of the Company's
Portuguese lithium portfolio, the Company has commenced the
settlement of the Milestone 2 deferred consideration of AUD1.5M
cash and the issue of 20,000,000 new ordinary shares of 1 pence
each in the capital of the Company ("Ordinary Shares") which will
be subject to orderly market provisions for six months ('Deferred
Equity Consideration'). The Milestone 2 payment was triggered
following the Company's announcement dated 10 September 2018, in
which Savannah reported Western Europe's largest JORC-compliant
spodumene lithium Mineral Resource of 20.1Mt at 1.04% Li(2) O. This
comprises a further JORC-compliant Mineral Resource of 7.5Mt at no
less than 1% Li(2) O in excess of the Milestone 1 target (initial
JORC-compliant Mineral Resource exceeding 7.5Mt at greater than 1%
Li(2) O, which was announced on 26 February 2018 and settled in
March 2018). Settlement of Milestone 2 represents the full and
final satisfaction of the consideration payable to the Vendors. The
Deferred Equity Consideration will be issued at 6.75 pence per
Ordinary Share.
Voting Rights and Regulatory Information
Application will be made for the 20,000,000 Ordinary Shares,
which will rank pari passu with the existing Ordinary Shares, to be
admitted to trading on AIM ('Admission'). It is expected that
Admission will become effective and dealings will commence at
8:00am on or around 12 October 2018.
Following Admission, the total issued share capital will consist
of 881,316,795 Ordinary Shares. As such, the total number of voting
rights in the Company will be 881,316,795 Ordinary Shares. This
number may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure and Transparency Rules.
Following the issue of the Deferred Equity Consideration
Slipstream Resources Investments Pty Ltd will hold 45,000,000
Ordinary Shares in the Company, representing 5.1% of the Company's
issued share capital, with voting rights, following Admission.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20 7117 2489
plc
David Hignell / Dugald J. Northland Capital Tel: +44 20 3861 6625
Carlean (Nominated Adviser) Partners Ltd
Christopher Raggett / Camille finnCap Ltd Tel: +44 20 7220 0500
Gochez (Broker)
Grant Barker (Equity Adviser) Whitman Howard Tel: +44 020 7659
1225
Charlotte Page / Lottie St Brides Partners Tel: +44 20 7236 1177
Wadham (Financial PR) Ltd
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of our staff and the
communities we work with.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: AFM, and the
Börse Stuttgart (SWB) under the ticker "SAV".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCQVLFBVBFXFBK
(END) Dow Jones Newswires
October 09, 2018 02:00 ET (06:00 GMT)
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Apr 2024 to May 2024
Savannah Resources (LSE:SAV)
Historical Stock Chart
From May 2023 to May 2024