1 May 2024
Kavango Resources PLC
("Kavango" or "the
Company")
£3.08million Accelerated Bookbuild
Closes
Kavango Resources plc (LSE:KAV), the Southern
Africa-focused metals exploration company, is pleased to announce
the Company has raised £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 was underwritten by
Purebond Limited, who will subscribe for 221,213,862 New Ordinary
Shares.
The Company's broker, First Equity Limited
acted as coordinator of the Accelerated Bookbuild and placed
13,750,000 New Ordinary Shares (the "ABB Shares") with investors at
the Subscription Price per share. In addition;
A total of 18,750,000 shares are
being acquired by two directors of the Company (the "Director
Subscription Shares") at the Subscription
Price per share. CEO Ben Turney is acquiring 2,000,000 shares, and
non-executive director Peter Wynter Bee will subscribe for
16,750,000 shares;
A total of 3,400,000 shares have been
placed with other investors (the "Subscription Shares") at the
Subscription Price per share.
Ben Turney,
Chief Executive Officer of Kavango, commented:
"We are
pleased to have secured a further £3.08million finance for Kavango.
The accelerated bookbuild was an innovative funding approach that
was only possible thanks to Purebond's strong support for Kavango
and has helped us defend our recent share price gains in difficult
market conditions.
We will use
the funds to accelerate our various drill programmes and will
continue to move forward at pace, as we explore for bulk-minable
gold deposits in Zimbabwe and large-scale copper deposits in
Botswana.
The second
half of 2024 holds a great deal of promise for Kavango and our
shareholders."
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 will 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 Placing
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
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson