Savannah Resources PLC Management Appointment,Options & Issue of Equity (8487C)
25 January 2018 - 6:00PM
UK Regulatory
TIDMSAV
RNS Number : 8487C
Savannah Resources PLC
25 January 2018
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
25 January 2018
Savannah Resources Plc
Senior Management Appointment, Grant of Options and Issue of
Equity
Savannah Resources plc (AIM: SAV) ('Savannah' or the 'Company'),
the AIM quoted resource development company, is pleased to announce
the appointment of a senior industry executive, Mr. Martin
Steinbild, to the role of 'Director, Lithium Business Development'
for the Company. Mr. Steinbild's role is a newly created, non-board
appointment. Mr Steinbild will provide strategic, commercial and
technological insights of the lithium value chain to Savannah as it
develops its Mina do Barroso Lithium project.
Mr. Steinbild graduated in Business Administration and Chemical
Engineering at the University of Technology Berlin. He has over 25
years' experience working for well renowned companies holding roles
primarily in strategic management and business development. Since
2008, Mr. Steinbild has held the position of Senior Manager with
Rockwood Lithium GmbH (acquired by Albemarle Corp., the leading
lithium producer in the world). Before joining Rockwood Lithium,
Mr. Steinbild held product and project management roles in the
engineering and construction sector with industry players Lurgi ÖI,
Zimmer AG and Outotec GmbH.
David Archer, Savannah's Chief Executive Officer said "We are
delighted to welcome Martin to the Company's senior management
team. He brings to Savannah a wealth of experience in the lithium
industry, which will be extremely valuable as we develop our Mina
do Barroso Lithium Project which we believe has the potential to be
the first significant lithium mine in Europe. In his role, Martin
will focus on helping Savannah introduce Mina do Barroso to the
international lithium industry, as we look to commercialise our
project."
Grant of Options
In connection with the appointment of Mr. Steinbild, the Company
has also granted options over 1,000,000 ordinary shares of par
value GBP0.01 in the Company ('Ordinary Shares') ('Share Options')
to Steinbild Consulting GmbH, the consultancy owned by Mr.
Steinbild, in recognition of his forthcoming contribution to
Savannah and also as part of the Company's policy to attract and
retain talented personnel.
The Share Options have an exercise price of 7.965p, an exercise
period limit of four years, 50% vesting after 12 months of
completed service and 50% after 24 months of completed service
(measured from time of issue). The exercise price represents a
premium of 35% to the closing price of 23 January 2018.
Issue of Equity
The Company has finalised an agreement with its joint venture
partner in Al Fairuz Mining Company LLC in order to satisfy the
terms of the shareholders' agreement relating to the Company's
acquisition of Gentor Resources Limited as announced on 14 April
2014 (the 'Agreement').
As such, the Company has approved the issue of 1,000,000 new
Ordinary Shares to the joint venture partner at a price of 6.19p
(based on a 20 day VWAP price as at 17 January 2018, when
negotiations progressed to agreement subject to relevant parties'
approval processes).
Application will be made for the Consideration Shares, which
will rank pari passu with 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
30 January 2018.
Total Voting Rights
Following Admission, the total issued share capit-al of the
Company will consist of 636,850,386 Ordinary Shares. As such, the
total number of voting rights in the Company will be 636,850,386
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, or a change to their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
This Announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) 596/2014.
*ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20
plc 7117 2489
David Hignell / Gerry Northland Capital Tel: +44 20
Beaney (Nominated Partners Ltd 3861 6625
Adviser)
Christopher Raggett finnCap Ltd Tel: +44 20
/ Emily Morris (Joint 7220 0500
Broker)
Jon Belliss Beaufort Securities Tel: +44 20
(Joint Broker) Ltd 7382 8300
Charlotte Page / St Brides Partners Tel: +44 20
Lottie Wadham Ltd 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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