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Al Marjan raises stake in Savannah Resources to 29.99%

Aim-listed Savannah Resources has raised £1.75-million through the placing of nearly 98.3-million ordinary shares of 1p each at a placing price of 1.78p a share to existing investor Al Marjan.   Funds would predominantly be used to fund the development of the company’s copper projects in Oman, with production targeted to start in late 2017. Al Marjan would become Savannah’s largest shareholder at 29.99%.