Savannah has today announced that it has finalised the divestment of its stakes in its copper projects (51% in Block 4 and 65% in Block 5) in Oman to Force Commodities (ASX:4CE). Savannah will receive 1) 46m shares in Force Commodities (4.9% of the issued share capital); 2) a preferential payment on production of A$3.5m (to repay a loan to the Omani subsidiary made by Savannah); and 3) a 1% Net Smelter royalty from Force's share of any production in Oman from the former Savannah properties.
02 Nov 2020
WHI First Light: Savannah Resources (SAV) - Divestment of Oman copper projects completed


Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
WHI First Light: Savannah Resources (SAV) - Divestment of Oman copper projects completed
Savannah Resources Plc (SAV:LON) | 5.1 0 4.0% | Mkt Cap: 73.0m
- Published:
02 Nov 2020 -
Author:
Paul Smith -
Pages:
4 -
Savannah has today announced that it has finalised the divestment of its stakes in its copper projects (51% in Block 4 and 65% in Block 5) in Oman to Force Commodities (ASX:4CE). Savannah will receive 1) 46m shares in Force Commodities (4.9% of the issued share capital); 2) a preferential payment on production of A$3.5m (to repay a loan to the Omani subsidiary made by Savannah); and 3) a 1% Net Smelter royalty from Force's share of any production in Oman from the former Savannah properties.