Extension to Due Diligence period for potential divestment of last remaining Mozambique Mining Concession
Savannah Resources, the European lithium development company, is pleased to provide an update on the Binding Heads of Agreement (‘HoA’) announced on 9 November 2022 between its subsidiary AME EAST AFRICA LIMITED and MRG Metals Limited (ASX: MRQ, ‘MRG’) in relation to an option agreement under which MRG could acquire Mining Concession 9735C in Mozambique, (the “Proposed Transaction”).
To allow more time for MRG to complete its due diligence on the Proposed Transaction, the parties have agreed by mutual consent to extend the due diligence period to 27 January 2023. The previously allotted due diligence period expired on 24 December 2022.
All other aspects of the Proposed Transaction remain unchanged.
Further updates on the Proposed Transaction will be provided in due course.
This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘UK MAR’).
Savannah – Enabling Europe’s energy transition.
For further information please visit www.savannahresources.com or contact:
Savannah Resources PLC
Dale Ferguson, CEO
Tel: +44 20 7117 2489
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