Savannah Resources Plc, a company listed on the AIM, has announced a retail offer for new ordinary shares priced at 5.5 pence each, which reflects a 5.5 percent discount compared to the closing price on September 18. This initiative is part of the company’s strategy to raise funds for its Barroso Lithium Project, an important venture aimed at advancing towards a Final Investment Decision (FID).
The retail offer is being facilitated through RetailBook’s partner network, which includes retail brokers, wealth managers, and investment platforms. It is open to both existing shareholders and new investors based in the United Kingdom, with a minimum subscription amount set at £250 per investor. This accessibility is designed to encourage participation from a broader range of investors, enhancing the company’s capital base.
The offer is contingent upon the admission of the new shares to trading on AIM, which is anticipated to occur at 8:00 a.m. on September 28. Additionally, it is conditional on the successful completion of a separate institutional placing that was announced by Savannah Resources earlier on the same day. The company has indicated that the net proceeds from this retail offer will be allocated towards several critical aspects of the Barroso Lithium Project, including securing long lead items, covering general and administrative expenses, completing project finance, obtaining necessary permits, conducting geotechnical and resource drilling, securing land use rights, and supporting community initiatives.
Investors can apply for the new ordinary shares through various tax-efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts. Notably, RetailBook will not impose any commission fees on applications for the retail offer, making it a cost-effective option for investors.
The retail offer is set to close at 5 p.m. on Wednesday, although it may close earlier at the discretion of the company or if it becomes oversubscribed. Savannah Resources has also reserved the right to scale back any orders if necessary, ensuring that the offer remains manageable and aligned with the company’s funding objectives. The total value of shares available through this retail offer will not exceed 10 percent of the overall placing and subscription, reflecting a strategic approach to capital raising while maintaining shareholder value.
