Savannah Resources Raises At Least $36 Million from Equity Fundraise

04:37 AM EDT, 09/23/2026 (MT Newswires) -- Savannah Resources (SAV.L) said Wednesday it secured at least $36 million from its ongoing equity fundraise. The lithium developer raised $23.3 million from an oversubscribed placement of 317,539,150 shares at the issue price of 0.055 pound sterling per share. The subscription for up to 172,097,743 shares at the same issue price will deliver a maximum of $12.7 million, subject to the completion of the retail offer on Thursday. Net proceeds and existing cash reserves of $15.5 million are earmarked for the development of the Barroso Lithium Project in Portugal, general and administrative costs, project finance, environmental license submission, and geotechnical and resource-related work, among others. The new shares to be issued under the placement, subscription, and retail offer are expected to begin trading on the London stock exchange's AIM segment on Sept. 28.