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LONDON – Global law firm Reed Smith has advised SP Angel and Hannam & Partners on a £7 million fundraise by AIM-quoted Serval Resources Plc (AIM: SRVL).
Serval Resources, which is focused on building a portfolio of exploration and development assets in the emerging copper belts of Namibia, Botswana, and Côte d’Ivoire, has conditionally raised £7 million through a placing, subscription, and retail offer.
SP Angel and Hannam & Partners acted as joint bookrunners on the placing, which was conducted through an accelerated bookbuild process.
Capital DI Limited, an existing significant shareholder of Serval Resources, and associated partners have agreed to invest £3.8 million ($5 million) in aggregate pursuant to the fundraise.
The fundraise is expected to enable Serval Resources to accelerate exploration across its prospective African copper portfolio, including a large-scale drilling programme in Namibia. In addition, the fundraise is intended to fund a maiden drilling programme in Botswana and continued exploration work on the Duékoué project in Côte d’Ivoire.
The Reed Smith team was led by Alex Davidson, supported by Anna Plenderleith and Tom Lewis.
About Reed Smith
Reed Smith is a dynamic international law firm dedicated to helping clients move their businesses forward. With an inclusive culture and innovative mindset, we deliver smarter, more creative legal services that drive better outcomes for our clients. Our deep industry knowledge, long-standing relationships and collaborative structure make us the go-to partner for complex disputes, transactions, and regulatory matters.
