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Savannah Resources shares surge as warrants lapse

Last updated: 03:31 03 Nov 2014 EST, First published: 04:31 03 Nov 2014 EST

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Around 58mln warrants with a strike price of 12.5p lapsed on November 1, Savannah Resources (LON:SAV) revealed.

The warrants were issued to shareholders at the time of the company’s initial public offering in 2010, when the company was known as African Mining and Exploration.

The company has 186.6mln shares in issue, and this number could potentially rise in the event of 26.5mln options, with an average exercise price of 5.7p, and 13.9mln warrants, with an average exercise price of 4.6p, are exercised.

The shares reacted favourably to the removal of the threat of a potential dilution, moving up 10% in early trading to 4.95p.

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