Kavango Resources (LON:KAV) Strategic Financing to raise additional £500,000

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has agreed to raise a further £500,000 before expenses by the issue of 27,777,777 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1.8 pence.

Strategic Investment

The 27,777,777 New Ordinary Shares will be conditionally issued via a direct subscription (the “Strategic Investment”) into the Company by a single strategic investor, Arigo Capital Limited (Rwanda).

Each New Ordinary Share will have, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.

Ben Turney, Chief Executive Officer of Kavango, commented:

“Following yesterday’s £3million strategic financing, I am extremely happy to welcome our second strategic investor into Kavango for an additional £500,000 investment.

With all the progress we’ve made across our portfolio over the last 12 months, this is an incredibly exciting time to be involved in this business.

We are now extremely well positioned to pursue our ambition of making multiple major metal discoveries in Botswana.”

Use of funds

The Strategic Investment, which is independent of the £3 million conditional financing announced yesterday, will contribute to the Company’s general working capital and, taken with the financing announced yesterday ( announced>>> 24 October 2022 ), will further fund proposed exploration work.

Admission

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 30 November 2022.

On Admission Arigo will hold 5.99% of the issued share capital of Kavango.

Total Voting Rights

Following Admission, the total issued share capital of the Company will consist of 463,423,703 Ordinary Shares*. Therefore, the total number of voting rights in the Company is 463,423,703* 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.

*Exclusive of shares issued as a result of successful publication of the prospectus, announced 24 October 2022.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc

Ben Turney

[email protected] +46 7697 406 06


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.

Tweet
WhatsApp
Email
Pocket
Share
Share