Savannah Goldfields Raises AU$2.69 Million to Advance Gold Mining Operations.

Savannah Goldfields Limited (ASX: SVG) has successfully completed a placement of 79 million shares and the institutional component of its fully underwritten 1-for-1 entitlement offer, raising approximately AU$2.69 million. The placement, conducted at 1.5 cents per share, raised AU$1.19 million from W&E Maas Holdings Pty Ltd, an entity associated with Wes Maas (Cornerstone Investor). The institutional entitlement offer secured commitments for 100 million shares, raising $1.5 million and representing approximately 35.6% of the total offer. 

The retail entitlement offer, set to open on 10 February 2025, aims to raise an additional AU$2.7 million. Savannah’s broader AU$14 million capital raising program includes a AU$4.5 million conditional placement and an AU$4.3 million convertible note placement to support the restart of gold mining operations at Agate Creek and Georgetown, as well as resource growth initiatives. The placement and entitlement offer are fully underwritten by Morgans Corporate Limited, reinforcing investor confidence in Savannah’s growth strategy.

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