Kavango Resources PLC Extension of Hillside Call Option Agreement (6592A)
24 January 2024 - 2:13AM
UK Regulatory
TIDMKAV
RNS Number : 6592A
Kavango Resources PLC
23 January 2024
23 January 2024
Kavango Resources
("Kavango" or "the Company")
Extension of Hillside Call Option Agreement
Kavango Resources plc (LSE:KAV), the Southern Africa focussed
metals explorer, announces it has agreed with the Sellers of the
Hillside Project in Zimbabwe to extend the period for exercise of
the option by 90 days.
The Sellers and Kavango entered into call options in respect of
the Hillside project in a Call Option Agreement ("The Call Option")
dated 25 July 2023, (announced >>> 25 July 2023). The Call
Option had an initial term of six months, expiring 24 January
2024.
Based on technical data gathered from exploration of Hillside,
including initial core review, Kavango had intended to exercise the
option tomorrow.
However, as a result of uncertainty surrounding the impact of
recent changes to the Finance Act in Zimbabwe, and specifically the
imposition of a mining 'Special Capital Gains Tax', the Sellers and
Kavango have agreed to enter into an Addendum to the Call Option to
extend the period for exercise of the option by 90 days, to allow
the impact of these changes to be reviewed by both parties.
In the meantime, Kavango continues exploration and drilling at
Hillside. The Company will release an update on this shortly.
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
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END
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