ADMISSION TO MAIN MARKET AND FIRST DAY OF DEALINGS
Kavango Resources plc, a mining group targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the admission of its entire issued and to be issued ordinary share capital (the “Ordinary Shares”) to the Standard List segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange (“Admission”) at 08:00am on 31 July 2018 under the TIDM (Stock Code): KAV.
Proactive Investors Stocktube
Published on Jul 31, 2018
· Admission of the Ordinary Shares to the Official List and to trading on the Main Market of the London Stock Exchange.
· Placing of 60,000,000 new Ordinary Shares at 2.5 pence per share to raise £1,500,000 (before expenses) and an initial market capitalisation of £3.35m (the “Placing”) at the Placing price.
· Each Placing share has a warrant attached exercisable at 12 pence any time within the 24 month period following Admission which if exercised gives the warrant holder the right to an additional half warrant exercisable at 24 pence within 48 months of Admission.
· Kavango Resources is a holding company with Kavango Minerals (Pty) Ltd) (“Kavango Minerals”) its 100% owned subsidiary in Botswana.
· Kavango Minerals is the holder of 15 prospecting licences in two regions of Botswana and all of the licences held by the group are in good standing.
· Kavango Minerals is exploring for Ni-Cu-PGE rich sulphide orebodies.
· The Competent Person’s Report obtained by the Company and contained within the Prospectus is of the opinion that the Projects have sound technical merits to be considered prospective, subject to varying degrees of exploration risk, and warrant the exploration programmes proposed by Kavango to assess their economic potential.
· Proceeds of the Placing will be used primarily to conduct helicopter-borne electromagnetic surveys over one or more of the areas licenced to Kavango and to conduct drilling of identified targets.
· Kavango has an experienced Board and management team with a deep understanding and knowledge of the financial markets and operating exploration programmes in Africa.
· Further information in respect of the Company and its business interests is provided below and also on the Company’s website at www.kavangoresources.com.
Michael Foster, Chief Executive Officer of Kavango Resources commented: “We are delighted to be able to announce Kavango Resources’ admission to the London Stock Exchange and would like to thank the Exchange and our advisor network for their assistance in reaching this important milestone.
We welcome the new shareholders who participated in the placing, the proceeds from which enables our experienced in-country team to continue with the prospecting of our licences covering almost 7,000 Km2 of south west Botswana.
We believe the under-explored licence area has potential for the discovery of world class base and precious metal deposits and we look forward to delivering further information with respect to our exploration plans and ongoing work programmes in due course.”
Douglas Wright: is Non-Executive Chairman and brings to the board a great deal of City experience in the small to mid-cap space.
Michael Foster: is Chief Executive Officer. With the benefit of a geological and City background he has over the last 30 years successfully managed listed junior exploration companies with operations throughout Africa.
Michael (Mike) Moles: is Non-Executive Director and a founder of Kavango Minerals. He is a geologist with a successful track record of realising value from mineral discoveries in Southern Africa. He is responsible for exploration strategy at Kavango.
Senior Management Team
John Forrest: is Chief Financial Officer. He is an accountant with over 20 years of corporate finance experience in the resource sector in Africa and south-east Asia.
Hillary Gumbo: is a founder of Kavango Minerals. He is a geologist and geophysicist with 30 years of experience throughout southern Africa. He will be responsible for day-to-day exploration activities in Botswana.
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