StockMarketWire.com - Savannah Resources has raised about £1.3m via the subscription of 25.1m new shares at 5.25p each, with the issue of one warrant for each two subscription shares having an exercise price of 6p with both new and existing investors.

Funds to be used predominately to support:

- Development of the newly acquired lithium projects in Portugal - drilling due to commence in the coming weeks at Mina do Barroso

- Continued progression of the world-class Mutamba Heavy Mineral Sands Project in Mozambique - tender process underway to commission a group to undertake Pre-Feasibility Study

- Advancement of Block 4 and 5 copper projects in Oman into production - mining expected to commence in H1 2018

- General working capital purposes





Story provided by StockMarketWire.com