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Update on £1m Subscription and PDMR Notification

RNS Announcement

RNS Number : 3645W

Savannah Resources PLC

31 July 2018

Savannah Resources Plc

Update on £1 million Subscription by Major Shareholder

PDMR Notification

Notification of Holdings

Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, announces that further to the recent placing to raise £11.5 million (before expenses), as announced on 5 July 2018 (the 'Placing'), Al Marjan Ltd ('Al Marjan'), the Company's major shareholder, has now subscribed for 11,111,111 new ordinary shares of 1p each in the Company ( 'Ordinary Shares') at a price of 9p per Ordinary Share (the 'Subscription Shares'), raising cash proceeds of £1 million (the 'Subscription').

Details of the Subscription

· Al Marjan holding to be at 24.18% following the Subscription

· As previously announced, the proceeds of the Subscription, when aggregated with the net Placing proceeds the Company has already received, will be predominantly used to support the next stage of development for Savannah's Mina do Barroso Lithium Project located in northern Portugal, providing funding to decision to mine.

· Additionally, the funds will be used to progress the Company's projects in Mozambique and Oman, which are currently undergoing mining lease applications, and for working capital purposes generally.

Related Party Transaction

Al Marjan is a substantial shareholder in the Company (the 'Related Party'). The Subscription by the Related Party constitutes a related party transaction in accordance with AIM Rule 13. Matthew King, David Archer and Dale Ferguson, who are not subscribing for Subscription Shares and are therefore independent Directors for these purposes, having consulted with the Company's Nominated Adviser, consider the Subscription by the Related Party to be fair and reasonable insofar as Savannah's shareholders are concerned.

Voting Rights and Regulatory Information

Application will be made for the 11,111,111 Subscription Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8:00am on or around 6 August 2018.

Following Admission of the Subscription Shares, the Company's total issued share capital will consist of 861,316,795 Ordinary Shares. As such the total number of voting rights in the Company will be 861,316,795 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

PDMR Notification

Further, and in a separate transaction to the subscription referred to above, the Company advises of the sale of Ordinary Shares by a PDMR as set out below:

PDMR

Number of Ordinary Shares Sold

Price Per Ordinary Share and Quantity

Percentage of Ordinary Shares Following Admission

David Archer

1,000,000

9.32p - 250,000

9.1p - 750,000

4.85%

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation (Regulation (EU) 596/2014), provides further detail.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please visit www.savannahresources.com or contact:

David Archer	Savannah Resources plc	Tel: +44 20 7117 2489
David Hignell / Dugald J. Carlean (Nominated Adviser)	Northland Capital Partners Ltd	Tel: +44 20 3861 6625
Christopher Raggett / Abigail Wayne (Broker)	finnCap Ltd	Tel: +44 20 7220 0500
Grant Barker (Equity Adviser)	Whitman Howard	Tel: +44 020 7659 1225
Charlotte Page / Lottie Wadham (Financial PR)	St Brides Partners Ltd	Tel: +44 20 7236 1177

About Savannah

We are a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. We are committed to serving the interests of our shareholders and to delivering outcomes that will improve the lives of our staff and the communities we work with.

The group is listed and regulated on AIM and the Company's ordinary shares are also available on the Börse Stuttgart (SWB) under the ticker "SAV"

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

Details of the person discharging managerial responsibilities / person closely associated

Name

David Archer

Reason for the notification

Position/status

Chief Executive Officer

Initial notification /Amendment

Initial notification

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Name

Savannah Resources Plc

LEI

213800UCK16HW5KKGP60

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of £0.01 each

ISIN: GB00B647W791

Nature of the transaction

Disposal of Shares

Price(s) and volume(s)

Price(s)

Volume(s)

GBP0.0932

GBP0.091

250,000

750,000

Aggregated information

Aggregated volume

Price

1,000,000

0.092

Date of the transaction(s)

26 July 2018

27 July 2018

Place of the transaction

London Stock Exchange - AIM

Notification of Substantial Shareholding

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Savannah Resources Plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			David Stuart Archer
City and country of registered office (if applicable)
4. Full name of shareholder(s) (if different from 3)
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			27/07/2018
6. Date on which issuer notified (DD/MM/YYYY):			30/07/2018
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	4.85	1.14		5.99	861,316,795
Position of previous notification (if applicable)	5.03	1.16		6.19

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix						% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)			Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00B647W791		41,756,649						4.85


SUBTOTAL 8. A		41,756,649						4.85

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi				Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
Warrants over Ordinary Shares with a 6p exercise price		14/07/2020	At any time prior to the expiration date				2,857,143			0.33%
Options over Ordinary Shares with a 7.59p exercise price		28/02/2021	At any time prior to the expiration date				7,000,000			0.81%
			SUBTOTAL 8. B 1				9,857,143			1.14%

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x			Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



						SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii				X
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold






10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information^xvi

Place of completion	31 July 2018
Date of completion	London

**ENDS**

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END

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RNS metadata

Title: Update on £1m Subscription and PDMR Notification
Time: 17:00:01
Date: 31 Jul 2018
Category: Miscellaneous
ID: 3645W