29 April 2024
Kavango Resources PLC
("Kavango" or "the
Company")
£3.08million Accelerated
Bookbuild
Kavango Resources plc (LSE:KAV), the Southern
Africa-focused metals exploration company, is pleased to announce
the Company is proposing to raise £3,085,366 by the issue of
257,113,862 new ordinary shares in the capital of the Company ("New
Ordinary Shares") at a price per share of 1.2 pence, via an
underwritten accelerated bookbuild (the "Accelerated
Bookbuild").
The Accelerated Bookbuild will open at 0800 on
Monday 29 April and close at the latest at 1700 on Tuesday 30
April. The result of the Accelerated Bookbuild will be announced as
soon as is practicable after the close.
The Accelerated Bookbuild is being underwritten
by Purebond Limited, who will subscribe for a minimum of
135,000,000 New Ordinary Shares.
The Company's broker, First Equity Limited,
will act as coordinator of the Accelerated Bookbuild.
To participate in the Accelerated Bookbuild,
please contact First Equity using the details provided
below.
Ben Turney,
Chief Executive Officer of Kavango, commented:
"We are
extremely grateful to Purebond for their continued strong support
of Kavango.
As the prices
of gold and copper continue to rise, this is an ideal time to make
major discoveries in both metals. Thanks to Purebond's powerful
financial backing, Kavango has developed its projects swiftly in
Zimbabwe and Botswana. Today's £3.08million accelerated bookbuild
will enable us to build on this momentum.
In Zimbabwe
we recently announced results of two successful gold exploration
holes at our Hillside Project. Highlights included 7.2m @ 9.95g/t
at Prospect 2 and 2.53m @ 29.08g/t at Prospect 4. We will use some
of the funds raised in the bookbuild to take the diamond drill rig
back to Hillside to test the strike, width, and extent of these
possible discoveries.
Meanwhile, in
Botswana, we are about to embark on a 5,000m diamond drill
programme at the Karakubis Copper Project, part of our extensive
7,500km2 mineral rights package in the Kalahari Copper
Belt. Having recently completed detailed surveying and mapping, we
believe we have identified the right geological setting and
structural controls for potential large-scale copper/silver
deposits across the Kara Anticline.
It now
remains for us to test whether the Kara Anticline contains a copper
mineralised system. Physical indicators are encouraging, with the
presence of pathfinder minerals galena and sphalerite. We are keen
to start this landmark drill campaign and will use some of the
funds raised to deploy a second rig to the Karakubis Project. This
will halve the time it takes for us to complete the
programme.
If any
existing Kavango shareholders wish to participate in the
accelerated bookbuild, please contact our broker First
Equity."
Participating
in the Accelerated Bookbuild
Kavango's broker, First Equity, will coordinate
the Accelerated Bookbuild.
To participate in the Accelerated Bookbuild
please contact Jason Robertson:
Telephone: +44 207 374
2212
Email:
jasonrobertson@firstequitylimited.com
Use of
funds
Funds from the Accelerated Bookbuild will
contribute to the Company's general working capital, fund further
exploration and development work and provide finance for
acquisitions.
Exploration work is likely to include (but not
be limited to):
§ Diamond drilling to
test presence of multiple economic gold ore bodies in Hillside/Nara
gold belt, Zimbabwe
§ 5,000m diamond drill
campaign to prove the Kara Anticline is a copper-mineralising
system in the Kalahari Copper Belt, Botswana
§ Completion of Hillside
acquisition (announced
>>> 23 April 2024)
§ Capital investment
into Kavango Mining to increase gold production
(announced
>>> 08 March 2024)
§ Increasing project
footprint in Zimbabwe, through securing additional options on
projects
Admission and
Total Voting Rights
On completion of the Accelerated Bookbuild,
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 8.00am on or
around Thursday 16 May 2024.
Following Admission, the total issued share
capital of the Company will consist of 1,562,683,176 Ordinary
Shares. Therefore, the total number of voting rights in the Company
is 1,562,683,176 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.
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
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson