Savannah Resources PLC Oman Licencing Update and Exercise of Options (4495G)
March 02 2018 - 1:00AM
UK Regulatory
TIDMSAV
RNS Number : 4495G
Savannah Resources PLC
02 March 2018
2 March 2018
Savannah Resources Plc
Oman Licencing Update and Exercise of Options
Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah', or
the 'Company'), the AIM quoted resource development company, is
pleased to announce that approvals have been received for all eight
of the required Government permitting approvals for the Maqail
South Mining Licence application, and seven for Mahab 4, with only
the Ministry of Housing remaining. Positive discussions are
continuing with the Ministry of Housing in respect of this.
Savannah is a 65% shareholder in the Omani company Al Fairuz
Mining, the holder of the Block 5 licence which includes these two
high-grade copper deposits.
The Company also announces that it has issued 1,400,000 new
ordinary shares of 1 pence each in the capital of the Company
("Ordinary Shares") in respect of 2013 Share Options at an exercise
price of 4.62 pence per share (the "New Shares"), following an
exercise of share options.
David Archer, Savannah's Chief Executive Officer said today "The
issue of these "no objections" means that we require only one final
"no objection" prior to the Public Authority of Mining being able
to assess the Company's Mining Licence applications, with mining
still planned to commence in 2018."
Oman Licencing Update
The process for permitting mining activities in Oman is
administered through the Public Authority for Mining ('PAM'). Upon
submission of the Mining Licence application, approval (or no
objection) is required from eight Ministries and PAM for the
Licence to be granted.
A summary of the Ministries and their approval status is given
in Table 1.
Table 1. Approval Status of Mining Licence Applications
Ministry Status (Mahab Status (Maqail
4) South)
------------------------ ---------------------- ----------------------
Ministry of Defence No objection No objection
received received
------------------------ ---------------------- ----------------------
Royal Oman Police No objection No objection
received received
------------------------ ---------------------- ----------------------
Ministry of Culture No objection No objection
and Heritage received received
------------------------ ---------------------- ----------------------
Ministry of Tourism No objection No objection
received received
------------------------ ---------------------- ----------------------
Ministry of Environment Project Environmental Project Environmental
and Climate Affairs Permit Received Permit Received
------------------------ ---------------------- ----------------------
Ministry of Regional No objection No objection
Municipalities received received
and Water Resources
------------------------ ---------------------- ----------------------
Ministry of Interior No objection No objection
received received
------------------------ ---------------------- ----------------------
Ministry of Housing Under review No objection
received
------------------------ ---------------------- ----------------------
Public Authority Preliminary Economic Preliminary Economic
for Mining Assessment to Assessment to
be Submitted be Submitted
------------------------ ---------------------- ----------------------
Share Options
Application will be made for the New 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 8.00 a.m. on or around 7
March 2018.
Total Voting Rights
Following Admission, the total issued share capital of the
Company will consist of 638,483,722 Ordinary Shares. This number
may be used by shareholders as the denominated 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.
Regulatory Information
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 / Dugald Northland Capital Tel: +44 20
J. Carlean (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
(Financial PR)
About Savannah
Savannah is 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. Savannah is committed
to serving the interests of our shareholders and to delivering
outcomes that will improve the lives of our staff and the
communities the Company works 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".
This information is provided by RNS
The company news service from the London Stock Exchange
END
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