The company recently said it had identified development-stage coal deposits in the continent, though it did not indicate specific locations or other details.

“Management feels that such projects will offer the opportunity for both near-term cash flow and appreciation with the expected continued improvement in the European economy,” Savoy said.

Savoy said it would continue to look at other resource development opportunities as it looked ahead.

Vancouver-based Savoy began trading on the TSX Venture Exchange in late October under SVO.