Kavango Resources plc has raised approximately US$1.9 million (£1.4m) in Zimbabwe by way of a subscription for 122,625,215 new ordinary shares.
TVRs
The shares will be allotted and issued to Dendere Asset Management (Private) Ltd and three pension funds, sourced and facilitated by Dendere, at a subscription price of £0.0115 per share.
Following admission, Kavango’s total issued share capital will comprise 4,525,261,341 ordinary shares.
Of this number, 953,802,800 ordinary shares are secondary listed on the Victoria Falls Stock Exchange, with each ordinary share carrying one vote.
The company does not hold any shares in treasury.
Proceeds will be used to expand the Hillside gold production and Nara projects, further exploration in Zimbabwe and for general working capital.