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Aim-listed exploration and development company Savannah Resources has raised £253 000 through the placing of 5.69-million new ordinary shares, at 4.45p a share, to new and existing investors.The funds would be used to advance the company’s exploration programmes in Mozambique and Oman, as well as for general working capital purposes.
Savannah said application would be made for the placing shares, which would rank equally to the company’s existing ordinary shares, to be admitted to trading on the Aim, with admission expected to become effective on or around November 17.
Excluding the proceeds of the placing, Savannah’s cash position at October 31 was about £800 000.(Source: Miningweekly)