Placing to expand exploration programme
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce a heavily oversubscribed £750,000 placing at 3p per share. This represents no discount to the offer price of Kavango’s shares at close on Friday 06 May.
– 25,000,000 New Ordinary Shares (the “Placing Shares”) have been placed by First Equity Limited (“First Equity”), on behalf of the Company with institutional and other investors (the “Placing”)
– The Placing has been conducted at a price of 3p
– A one-for-one warrant will be issued to all placing participants, exercisable at 5p per share for a period lasting until 31 December 2023 (the “Warrants”)
– The Company has raised gross funds of £750,000
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We received an offer from First Equity on Friday to raise money for Kavango over the weekend. We set a maximum limit of £750,000 and received offers to subscribe for nearly double this amount.
At this stage in Kavango’s development, the additional working capital will support expanding our exploration programme. We are also conscious to manage dilution at this level. A number of work streams are nearing completion and we will be able to deploy the new funds quickly.
We would like to thank First Equity and their clients for their strong support .”
The 25,000,000 New Ordinary Shares have been conditionally placed by First Equity Limited on behalf of the Company with institutional and other investors, including high net worth and retail investors, to raise £750,000.
Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 5p for a period lasting until 31 December 2023. The warrants are subject to headroom approval and are expected to be issued around July 2022 to subscribers.
Admission and Total Voting Rights
Application will be made for the Placing 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 Placing Shares will commence at 8.00 a.m. on 23 May 2022 (or such later time as may be agreed between First Equity and the Company being not later than 5.00 p.m. on 31 May 2022 (the “Long Stop Date”).
Following Admission, the total issued share capital of the Company will consist of 435,462,052 Ordinary Shares. Therefore, the total number of voting rights in the Company is 435,462,052 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.
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 additional information please contact:
Kavango Resources plc
+46 7697 406 06
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