Northland Capital Partners View on the City Savannah Resources


Savannah Resources (LON:SAV) – CORP: Placing
Market Cap: £5.7m; Current Price: 2p

Raises £1.75m from Al Marjan
 Savannah Resources has raised £1,747,473 (before expenses) through the placing of 98,295,329 shares at a price of 1.777777p per share to Al Marjan Limited, an existing investor. The price is an 11% premium to the 50 day VWAP.
 Al Marjan is a privately owned investment trust and will be the Company’s largest shareholder at 29.99%.
 Savannah and Al Marjan have agreed a relationship agreement and Al Marjan will appoint two nominees and an alternative for each nominee to the Savannah Board in due course.
 Following the placing Savannah will have a cash balance of c. £2m.
 The placing will be executed in two tranches. The first 70,864,561 shares will be issued at 1.778p followed by 27,430,768 shares, assuming shareholder approval is given at the forthcoming AGM.Following the issue of both tranches the Company will have 384,161,099 shares in issue.

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