Kavango Resources plc has raised approximately US$4.7 million (£3.5m) in Zimbabwe and £2.8m in the UK, both at or the equivalent of £0.01 per share.
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The fundraise was by way of a subscription for an aggregate 629,991,138 new ordinary shares at a 33% premium to the mid-market price at close on 5 March 2026.
Chairman and interim chief executive officer Peter Wynter Bee subscribed for 20m shares in the UK subscription.
The company will apply for all of the shares to be admitted to trading on the main market of the London Stock Exchange.
The VFEX shares will then be transferred and listed on the Victoria Falls Stock Exchange in Zimbabwe.
Kavango said that the proceeds added to its existing cash resources and committed funds, totalling approximately US$13.5m (£10m).
The funds will be used to increase Hillside gold production, acquire the Nara gold project and any associated legal expenses needed to complete the acquisition, for additional exploration and general working capital in Zimbabwe.