Africa-Press – Botswana. Kavango is currently drilling its KCB copper project, but it also has ground highly prospective for nickel, platinum, gold and rare earths
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) said it has conditionally raised £3mln before expenses by the issuance of 166,666,660 shares at 1.8p each.
The placing includes one strategic cornerstone investor, which subscribed for over half of the placing amount. Each new share has, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue.
Further details of the placing and subscription, including the expected date of admission, will be set out in a prospectus to be published in electronic form and available on Kavango’s website.
“I am delighted to announce the successful completion of this £3mln fundraising for Kavango, a transformational financing for the company,” said Ben Turney, chief executive of Kavango in a statement.“Supported by many existing shareholders and new investors, we are now empowered to drive forward a dramatic exploration programme across our portfolio. Our current key focus is on our Kalahari Copper Belt interests, where the drilling programme is underway. We are now fully funded for our ambitious plans through 2023 and are in an excellent position to achieve our goal of becoming the leading minerals exploration company in Botswana,” he added.
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