Kavango Resources plc has raised £2.2 million by the issue of 227,751,720 new ordinary shares, each at a price of one pence, by a direct subscription and placing.
TVRs
The southern Africa-focused company’s major shareholder Purebond Ltd directly subscribed for 111,201,720 new ordinary shares.
Kavango’s chairman and director Peter Wynter Bee subscribed for 10 million new ordinary shares.
Following admission, the company’s total issued share capital will comprise 3,609,823,314 ordinary shares, each with one voting right.
Proceeds will finance resource and grade control drilling at Bill’s Luck gold mine at the Hillside project in Zimbabwe, as well as combined surface and reverse circulation drilling, and underground drilling.
Funds will also go towards starting construction of the 200 tons-per-day carbon-in-leach processing plant at Bill’s Luck, further surface and underground exploration/resource drilling, and working capital.