Savannah Resources PLC - lithium development company - Announces it has increased the gross proceeds from the fundraise announced last Thursday to £6.5 million from £6.1 million, following 8.8 million shares being issued raising £400,000. This means that 139.2 million new shares will be issued for a fundraise, increasing fundraise total to £6.5 million. The company will have an approximate £11.4 million in cash.

Chief Executive Officer Dale Ferguson said: ‘Savannah is at a hugely exciting juncture. Since the end of May, the company has delivered the long-awaited positive declaration of environmental impact on the Barroso lithium project, which was quickly followed by significantly improved project economics in our new scoping study.

‘We can now add a well-supported fundraise, effectively at market price, to our recent milestones which provides us with a cash balance of approximately £11.4 million that allows us to materially progress our strategic European lithium project.’

Current stock price: 352.40 pence, up 10%

12-month change: up 32%

Copyright 2023 Alliance News Ltd. All Rights Reserved