Savannah Resources Plc (LON:SAVS, AIM:SAV) has successfully raised £4.24 million ($5.81 million) to fund its flagship Barroso Lithium Project in northern Portugal, the company announced on Friday. The fundraising was completed through an accelerated bookbuild and subscription, with shares priced at 3.5 pence each.
The raise included £2.22 million via a placement of over 63 million shares and a minimum of £2.02 million from the subscription of nearly 58 million shares. Savannah’s retail offer remains open until July 1, with final figures to be announced thereafter.
Key institutional investors participated in the raise, including AMG Lithium B.V., Al Marjan Limited, Grupo Lusiaves SGPS, and Mário Nuno dos Santos Ferreira, as well as company directors Rick Anthon and Dale Ferguson, who subscribed for a combined 1,000,002 shares.
The new shares are set to begin trading on AIM on July 2.
CEO Emanuel Proença emphasized that the proceeds will bolster Savannah’s financial position and support continued development of the Barroso Lithium Project, designated a Strategic Project by the European Commission under the Critical Raw Materials Act in March 2025.
According to the company, Barroso is Europe’s largest defined battery-grade spodumene lithium deposit and is forecasted to supply enough lithium for around 500,000 EV battery packs annually once in production.
The bookbuilding was led by SP Angel Corporate Finance LLP, with Canaccord Genuity Limited, Caixa-Banco de Investimento, S.A, and Alantra Equities, SV, S.A acting as joint bookrunners.
