Savannah Goldfields Limited is initiating a capital raising program to secure AU$14 million

Savannah Goldfields Limited (ASX: SVG) has announced a capital raising program to secure up to AU$14 million to strengthen its balance sheet and fund the restart of gold mining and processing operations at its Agate Creek and Georgetown projects. The program includes an AU$1.19 million fully underwritten placement, an AU$4.2 million entitlement offer, an AU$4.5 million conditional placement, and an AU$4.3 million convertible note placement, all priced at AU$0.015 per share or AU$0.28 per note.

The initiative is fully underwritten by Morgans Corporate Limited, with Wes Maas committing AU$7 million, giving him a 19.9% interest in the company. Chairman Stephen Bizzell and other directors are also participating. Proceeds will fund mining restart preparations, exploration drilling, creditor payments, and working capital. With this capital injection, Savannah is set to advance its gold projects, enhancing shareholder value and future growth.

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