viewSavannah Resources PLC

Savannah Resources beefs up management team


Explorer Savannah Resources (LON:SAV) has appointed Paul O'Donoghue and Dr Durair A'Shaikh to its management team.

O'Donoghue has been hired as the firm's country manager for Mozambique, while A'Shaikh is a geologist with almost 20 years' of international experience.

Chief executive David Archer told investors: "Paul is a founder of Matilda Minerals Limitada, a long term resident of Mozambique, fluent in Portuguese and managed the successful implementation of last year's Jangamo drilling programme. 

"He is doing a first class job leading our activities in the country. 

"Dr Durair is an internationally recognised expert in the genesis of base metal deposits, has published extensively and will add to the geological capability of Savannah's team. His appointment supports our stated strategy of becoming a multi commodity focussed exploration and development group."

Archer noited the pair was aiding its cash conservation efforts as they have agreed to receive share options for reduced cash compensation.

Each may receive up to 1.5 million share options with a strike price of 8.81p - a 35% premium to the 30 day volume weighted average price and the final exercise date will be February 25, 2019.

There are conditions attached to those options - 500,000 will be received on signature of their contracts; 500,000 following the completion of a corporate transaction or the announcement of a JORC resource, and 500,000 on completion of 12 months' service, the company said.

Quick facts: Savannah Resources PLC

Price: 2.7 GBX

Market: AIM
Market Cap: £38.64 m

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