StockMarketWire.com - Savannah Resources has raised about £2.24m gross via a placing of 29.6m new shares and subscription for 13.1m new shares at a placing price of 5.25p each.

Funds were to be used predominately to support the development of Savannah's asset portfolio and for general working capital purposes.

The company also said Letters of Intent had been received from a director and major shareholder Al Marjan Ltd for an additional £1.01m cash ordinary shares at the placing price, after the current close period.

"This significantly oversubscribed placing of £2.24m (before expenses) demonstrates the support we are receiving from new and existing shareholders in relation to our strategy of developing our copper and mineral sands projects," said CEO David Archer in a statement.





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