Serval Resources Plc - Result of Fundraise

Serval Resources Plc - Result of Fundraise

PR Newswire

LONDON, United Kingdom, October 15

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (TOGETHER THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION ("RESTRICTED JURISDICTION"). PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN AN INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON FOR THE SALE OR SUBSCRIPTION FOR THE SECURITIES IN SERVAL RESOURCES PLC IN ANY JURISDICTION IN WHICH SUCH INVITATION, SOLICITATION, RECOMMENDATION, OFFER, SUBSCRIPTION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT AN OFFER OF OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE ASSIMILATED REGULATIONS (EU) NO. 596/2014 AND DELEGATED ACTS, IMPLEMENTING ACTS, TECHNICAL STANDARDS AND GUIDELINES THEREUNDER AS THEY FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Serval Resources Plc

("Serval" or the "Company")

15 October 2026

Result of Fundraise

Serval Resources Plc (AIM: SRVL), a company focused on building an independent copper and future metals developer, is pleased to announce that further to its announcement released at 4.07 p.m. on 14 October 2026 (the "FundraiseAnnouncement"), the Bookbuild has now closed and the Company has conditionally raised gross proceeds of £6.5 million by way of a successful Placing of, and Subscription for, a total of 26,103,164 new Ordinary Shares at the Issue Price of 25 pence.

SP Angel and H&P acted as Joint Bookrunners in respect of the Placing, which was undertaken via the Bookbuild.

The Retail Offer remains open for retail investors until 5p.m. today, and the results of the Retail Offer will be made available as soon as practicable thereafter.

Capital Access Window

As detailed in the Fundraise Announcement, the Company entered a Capital Access Window at 7:30 a.m. BST on 7 October 2026, in order to reach a broader range of investors during the Placing. It is intended that the Capital Access Window will remain open until after the Retail Offer has closed, with normal trading in the Company's existing Ordinary Shares expected to resume at 8.00 a.m. on 16 October 2026.

Capitalised terms used in this announcement (the "Announcement") have the meanings given to them in the Fundraise Announcement, unless the context provides otherwise.

First Tranche of the Fundraise

• Pursuant to the Firm Placing, the Company will allot and issue 9,741,164 Firm Placing Shares conditionally upon, amongst other things, admission of the Firm Placing, the Placing Agreement having become unconditional and not having been terminated in accordance with its terms; and

• Admission of the Firm Placing Shares to trading on AIM is expected to take place by no later than 8:00 a.m. on 16 October 2026 (or such later date and/or time as the Joint Bookrunners and the Company may agree, being no later than 8:00 a.m. on 30 October 2026).

Second Tranche of the Fundraise

The second tranche of the Fundraise will consist of the issue of 14,180,000 Conditional Placing Shares, 2,182,000 Subscription Shares and the Retail Offer Shares (if any) (the "Conditional Fundraise Shares"). The issue of the Conditional Fundraise Shares will be conditional upon shareholder approval being received at the General Meeting.

Director participation in the Fundraise

In addition, Robin Birchall, John Treacy, Andrew Benitz, Brian Gordon and Maximillian Denning have agreed to subscribe for an aggregate of 290,000 Subscription Shares at the Issue Price, raising gross proceeds of £72,500.

The updated percentage holdings of the Company's significant shareholders, and Directors will be disclosed in due course, following the General Meeting.

The KCI Warrants

On First Admission, KCI will be issued 401,445 Additional Report Warrants and 4,365,526 Additional Consideration Warrants to subscribe for Ordinary Shares at nominal value pursuant to the terms of the KCI Agreement and warrant instruments constituted by the Company on 14 October 2026.

Broker Warrants

As part of the commission payable to the Joint Bookrunners in respect of the Placing, the Company will issue, in aggregate, 318,395 Broker Warrants to the Joint Bookrunners, to be split equally between them. The Broker Warrants are exercisable at the Issue Price for a period of 24 months from the date of Second Admission. The issue of the Broker Warrants is conditional upon the passing of the Fundraise Resolutions at the General Meeting, and upon Second Admission.

Circular and Notice of General Meeting

The Company will shortly publish a shareholder circular, which will include a Notice of General Meeting setting out the shareholder resolutions for approval in respect of the Conditional Fundraise Shares and the Broker Warrants (as defined below) ("Fundraise Resolutions"), and the Board's recommendation to vote in favour of such resolutions. It is expected that the General Meeting will be held in early November 2026.

Admission and Total Voting Rights

Applications will be made to the London Stock Exchange for the First Admission and the Second Admission, respectively. It is expected that settlement of the Firm Fundraise Shares will take place on or around 16 October 2026 and First Admission will become effective and dealings in the Fim Placing Shares will commence at that time. It is expected that, subject to the passing of the Fundraise Resolutions, settlement of the Conditional Fundraise Shares will take place as soon as practicable following the General Meeting.

Following Admission of the Firm Placing Shares, the Company will have 43,610,902 Ordinary Shares in issue and its issued and outstanding share capital will consist of 43,610,902 New Ordinary Shares each of which carries one vote and 8,053,725 Deferred Shares, which hold no voting rights. The Company does not hold any shares in treasury. Accordingly, following First Admission, the Total Voting Rights in the Company will be 43,610,902 and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Firm Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Enquiries:

Serval Resources	Company	Robin Birchall	+ 44 (0) 7711 313 019 [e-mail]
	IR	Cathy Malins	[phone] [e-mail]
SP Angel Corporate Finance LLP	Nominated Advisor and Broker	Charlie Bouverat David Hignell Devik Mehta	[phone]
Hannam & Partners Advisory Limited	Joint Broker	Andrew Chubb Leif Powis	[phone]
Tavistock Communications	PR	Charles Vivian Eliza Logan	[phone]

About Serval Resources

Serval Resources (AIM: SRVL) is an AIM-listed explorer focused on copper and associated future metals critical to the global energy transition and digital economy. The company is building a portfolio of exploration and development assets in the emerging copper belts of Namibia, Botswana and Côte d'Ivoire, aiming to become a leading mid-cap player by applying modern, systematic exploration techniques in underexplored but highly prospective African regions.

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For further information, visit:

• https://servalresources.com/

• https://x.com/ServalResources

• https://www.linkedin.com/company/serval-resources/

Important Notice

THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL ("RESTRICTED JURISDICTION"). FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

This Announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Australia, Canada, Japan, the Republic of South Africa or any other jurisdiction in which the same would be unlawful or to any person to whom it is unlawful to make such offer or solicitation. No public offering of the Placing Shares being made in any such jurisdiction.

No action has been taken by the Company, S.P. Angel Corporate Finance LLP ("SP Angel"), H&P Advisory Limited ("H&P" and, together with SP Angel, the "Joint Bookrunners) or any of their respective Affiliates or any of its or their respective directors, officers, partners, employees, agents or advisers (collectively "Representatives") or any person acting on behalf of any of them that would, or is intended to, permit an offer of the Placing Shares or result in the possession or distribution of this Announcement or any other offering or publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdiction. Persons into whose possession this Announcement comes are required to inform themselves about, and to observe, such restrictions.

No prospectus, offering memorandum, offering document or admission document has been or will be made available in any jurisdiction in connection with the matters contained or referred to in this Announcement and no such document is required (in accordance with Regulation (EU) No 2017/1129 (the "EU Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 (the "POATR")) to be published. Persons needing advice should consult a qualified independent legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, pledged, taken up, exercised, resold, transferred or delivered, directly or indirectly, within, into or in the United States absent registration under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or any other jurisdiction of the United States. The Placing Shares are being offered and sold outside of the United States in "offshore transactions" as defined in, and pursuant to, Regulation S under the Securities Act ("Regulation S"). No public offering of securities will be made in the United States or elsewhere.

This Announcement has not been approved by the London Stock Exchange.

Members of the public are not eligible to take part in the Placing.

The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained from the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the Placing Shares and the Placing Shares have not been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan or the Republic of South Africa. Accordingly, the Placing Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan, the Republic of South Africa or any other jurisdiction in which such activities would be unlawful.

Certain statements contained in this Announcement constitute "forward-looking statements" with respect to the results, financial condition, performance, developments or achievements of the Company and its subsidiaries. Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "may", "will", "would", "could", "considered", "likely", "estimate", "outlook" and variations of these words and similar future or conditional expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements and forecasts are inherently predictive, speculative and involve risks and uncertainties and assumptions that could cause actual results, financial condition, performance, developments or achievements to differ materially from those expressed or implied by these forward-looking statements and forecasts. Many of these risks, uncertainties and assumptions relate to factors that are beyond the Company's ability to control, predict or estimate precisely. No representation or warranty is made, and no responsibility or liability is accepted, as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. The forward-looking statements contained in this Announcement speak only as of the date of this Announcement. Each of the Company, the Joint Bookrunners, their respective Affiliates, its and their respective Representatives and any person acting on behalf of any of them expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation or the London Stock Exchange.

Each of SP Angel and H&P are authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA"). Each Joint Bookrunner is acting exclusively for the Company and no one else in connection with the Placing, the contents of this Announcement or any other matters referred to in this Announcement. Neither Joint Bookrunner will regard any other person (whether or not a recipient of this Announcement) as its client in relation to the Placing, the content of this Announcement or any other matters referred to in this Announcement and will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice to any other person in relation to the Placing, the content of this Announcement or any other matters referred to in this Announcement. The responsibilities of SP Angel, as nominated adviser under the AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange and are not owed to the Company, its directors or any other person.

This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by either of the Joint Bookrunner or by any of their respective affiliates or any person acting on their behalf as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

This Announcement does not constitute a recommendation concerning any investor's investment decision with respect to the Placing. Any indication in this Announcement of the price at which ordinary shares have been bought or sold in the past cannot be relied upon as a guide to future performance. The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance. This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Placing Shares. The contents of this Announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult their or its own legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice.

No statement in this Announcement is intended to be a profit forecast or profit estimate for any period, and no statement in this Announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the Company for the current or future financial years would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the Company.

All offers of the Placing Shares will be made pursuant to an exemption under the POATR or the EU Prospectus Regulation from the requirement to produce a prospectus. This Announcement is being distributed and communicated to persons in the UK only in circumstances to which section 21(1) of the Financial Services and Markets Act, 2000, as amended, does not apply.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

The New Ordinary Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than the AIM market of the London Stock Exchange.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this Announcement.

This Announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.