Savannah Resources PLC raises £10.3mln to help develop Mina do Barroso lithium project in Portugal

Savannah Resources raises £10.3mln to help develop Mina do Barroso lithium project in Portugal
 “The global lithium industry is experiencing a period of strong recovery after a two-year period of falling prices," said chief executive David Archer
Savannah Resources PLC (LON:SAV) said it raised £10.3mln, before expenses, through an oversubscribed placing and direct subscription. The net proceeds will mainly go towards progressing its flagship Mina do Barroso project in Portugal.
“We are particularly pleased to welcome a number of new European investors to our register,” said chief executive David Archer.
“The £10.3mln raised combined with the US$6.4mln investment expected from Galp Energia SGPS, SA in the Mina do Barroso project holding company, and our existing cash reserves, puts Savannah in a strong financial position as we continue to move towards the development phase at Mina do Barroso."

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