StockMarketWire.com - Savannah Resources said it had agreed to acquire the 25% of the Mina do Barroso lithium project in Portugal that it did not already own from minority shareholders for around $11.9m worth of shares.

Consideration would to satisfied through the issue of 163m new Savannah shares at 7.3c, or around 5.63p.

The issued shares would equate to 15.6% of the enlarged issued share capital of the company.

'Since acquiring our initial 75% shareholding in Mina do Barroso in 2017, we have rapidly progressed the project including delineating a 23.5Mt spodumene-bearing JORC compliant resource and completing a positive scoping study,' chief executive David Archer said.

'At the same time, legislators and battery end users in the region have come to appreciate the need for Europe to have domestic sources of battery raw materials as the region seeks to reduce emissions from the transport sector via the transition to electric vehicles.'




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