Kavango Resources plc has raised US$373,323.19 via a subscription held in Zimbabwe for 27,651,514 new ordinary shares, at the equivalent of £0.01 per share.
USES
The company has applied for the transition of the Victoria Falls Stock Exchange shares to the equity shares category of the Official List of the Financial Conduct Authority and then to trading on the main market of the London Stock Exchange.
The shares will immediately transfer to Zimbabwe through a branch register control account.
The VFEX shares will then be listed and directly admitted to trading in Zimbabwe.
Kavango will use the proceeds for contribute to general working capital and further metals exploration and mine development in Zimbabwe.