Kavango Resources plc (LSE: KAV), the Southern Africa focussed exploration company, is pleased to announce that following the approval of all of the AGM resolutions by shareholders on 8 June 2023, it has completed Stage 1 of the two-stage equity investment (the “Stage 1 Subscription”) (>>> announced 09 May 2023) to raise £1,400,000 by the issue of 140,000,000 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1 penny.
Use of funds
Funds from the Stage 1 Subscription will contribute to the Company’s general working capital, will further fund proposed exploration work and provide finance for possible acquisitions.
Application will be made for the New Ordinary Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 28 June 2023.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 845,569,314. Therefore, the total number of voting rights in the Company is 845,569,314 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
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