Serval Resources said on Friday, 16 October, that gross funding commitments for its African copper exploration projects had risen to about 7 million pounds sterling after the close of a retail offer. The London-listed company had announced the previous day 6.5 million pounds of conditional subscriptions for its activities in Namibia, Botswana and Ivory Coast.
The retail offer, which closed on 15 October at 17 hours in London, adds about 519,000 pounds, according to the regulatory announcement. It provides for the issue of around 2.08 million shares at 25 pence each and is in addition to the placing and subscriptions announced previously.
These new shares form part of the second tranche of funding, which remains subject, among other things, to shareholder approval. The general meeting is set for 2 November in London. Subject to the vote and the other conditions of the transaction, the company expects admission of this tranche to AIM on 3 November.
The market operator separately announced that trading in Serval shares would resume at 7.30am London time on 16 October, after the close of the temporary capital-raising mechanism. The notice relates to the resumption of trading.
Namibia accounts for most of the exploration programme. Serval plans to mobilise drilling equipment there in early November for a campaign of about 20,000 metres in the Kaoko basin, with the aim of a first resource estimate in 2027.
The programme, presented on 14 October, also provides for 1 million pounds for exploration in Botswana and 100,000 pounds for the Duékoué project in Ivory Coast.
Updated on 16 October 2026 at 08:34 with the result of the retail offer and the timetable for the general meeting.