Savannah Goldfields Limited (ASX:SVG) has successfully completed its fully underwritten capital raising programme totalling approximately $4.2 million. The Retail Entitlement Offer, which provided eligible shareholders with one new fully paid ordinary share for every one existing share at an issue price of 1.5 cents, raised about $1.3 million. In combination with the previously completed accelerated institutional component, total subscriptions from eligible shareholders reached $2.8 million, with a shortfall of approximately $1.4 million fully underwritten by Morgans Corporate Limited.
The funds raised will strengthen the company’s balance sheet and support the recommencement of gold mining and processing operations at the Agate Creek and Georgetown projects, as well as finance resource growth activities.
The remaining elements of the equity capital raising programme – including a Conditional Placement and an Expanded Conditional Placement – are subject to shareholder approval and are expected to be finalised in March 2025. Once these components are completed, the company will have raised a total of $8.7 million.
