Druces has advised Savannah Resources PLC, the developer of the Barroso Lithium Project in Portugal, on its successful $40 million cross border accelerated bookbuild, subscription and retail offer. 

Savannah is advancing the Barroso Lithium Project, a Strategic Project under the European Critical Raw Materials Act and home to Europe’s largest spodumene lithium deposit. 

The fundraising was significantly oversubscribed and will support project development, project finance activities, environmental licensing, geotechnical works, land use rights, community initiatives and additional working capital as the project progresses towards a Final Investment Decision expected in 2027.

Jack Dervyn, Corporate Partner and Head of Capital Markets at Druces LLP, commented:

“This raise of $40 million is the largest Savannah has carried out in its history. Druces were pleased to be able to provide assistance on this landmark cross border fundraising, which enables the company to move towards its goal of lithium production in Portugal “

The Druces deal team was led by Jack Dervyn, Partner, Mark Lamph, Senior Associate, and Trainee Solicitor Julide Hasan.

To learn more about Druces Capital Markets department, click here.