Savannah completes sale of Oman copper projects
Savannah Resources PLC (LON:SAV) has completed the sale of its stakes in the Block 4 and Block 5 copper projects in Oman to Force Commodities Ltd (ASX:4CE).
Savannah will receive 50mln new fully paid ordinary shares issued by Force, giving Savannah a 4.9% stake in Force after four million shares are used to settle transaction costs.
Savannah will receive preferential payment of A$3.5mln in cash from an existing loan out of cash flow generated from production on Block 5.
And it will also get a 1% net smelter royalty on any future metal sales from Force’s portions of Block 4 and Block 5.
The deal allows Savannah to focus its resources on development of the Mina do Barroso lithium project in Portugal and the Mutamba mineral sands project in Mozambique.
“We have now concluded the sale of our projects in Oman to Force, which we first announced in September,” said Savannah chief executive David Archer.
“The strategic review we initiated last year looked at a number of options regarding Savannah’s ongoing participation in the projects. It concluded that an appropriately structured divestment, which allowed Savannah to retain an interest in the projects’ long term economic success, represented the best outcome available to us. The transaction gives Savannah a meaningful shareholding in Force as well as the potential for cash payments from any future production from the projects.”
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/932907/savannah-completes-sale-of-oman-copper-projects-932907.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).