19 December 2024
Kavango Resources PLC
("Kavango" or "the
Company")
Issue of Loan Notes & Strategic
Financing Increase
Kavango Resources plc (LSE:KAV),
the Southern Africa-focused metals exploration company, is
pleased to announce it has secured £1,511,668 through the issue of
two Convertible Loan Notes ("CLNs").
Convertible
Loan Note
Deputy Chairman Peter Wynter Bee has
agreed to advance the Company £1,000,000 for one of the CLNs.
Purebond, the Company's major shareholder, has advanced the Company
£511,668 in the second of the CLNs.
The CLNs carry an annual coupon of 10% and have
a twelve-month term. The CLNs and accrued interest are convertible
into ordinary shares in the Company subject to publication of a
prospectus.
The Company has drafted a prospectus which is
currently undergoing review by the Financial Conduct Authority
(the "Prospectus"). Kavango intends to convert the principal of the
CLNs into 215,952,571 new ordinary shares in the Company at a price
of 0.7p per share, on publication of the Prospectus as part of the
Strategic Financing announced this morning (announced
>>> 19 December 2024) (the "Strategic
Financing").
Outstanding
Convertible Loans
Kavango previously entered into two Convertible
Loan Notes (announced
>>> 29 August 2024 &
announced >>> 16 September 2024) (the
"Outstanding CLNs"). The Company declared its expectation to
convert both loan notes on publication of the Prospectus. Kavango
now expects to convert the Outstanding CLNs on the same terms as
the CLNs. The principal of the Outstanding CLNs is £2,200,000 and
the Company intends to convert this into 314,285,714 new ordinary
shares in the Company at a price of 0.7p per share, on publication
of the Prospectus.
Kavango intends to use the published Prospectus
as the listing document for application to trading of the Company's
ordinary shares on the Victoria Falls Stock
Exchange (announced
>>> 02 August 2024).
Increase in
Strategic Financing
The conversion of the CLNs and Outstanding CLNs
will be in addition to the amount announced in the Strategic
Financing. The total value of the Strategic Financing is now
£10,277,868.
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
