Africa-Press – Zimbabwe. BRITISH miner, Kavango Resources Plc, is set to make a secondary listing on the Victoria Falls Stock Exchange (VFEX) on August 29, as it moves to raise US$13,5 million to support its local mining exploration efforts.
Kavango is listed on the London Stock Exchange (LSE) in the United Kingdom. It had a market capitalisation of £33,35 million (US$44,24 million) on Friday last week.
The proposed secondary listing comes after Kavango reported last month that it had intercepted a high gold deposit of 11,79 grammes per tonne during its drilling campaign at the Bill’s Luck Gold Mine, part of its large Hillside Gold Project.
To improve operational clarity, Kavango reverted to using the historic names of the first four gold prospects at its Hillside Project in southern Zimbabwe, from a total of six. The names — Bill’s Luck, Britain, Nightshift, and Steenbok — apply to the previous internal references of Prospect 1, 2, 3, and 4, respectively.
Kavango has two gold projects on the Filabusi greenstone belt, Hillside and Nara, located in central-south Zimbabwe, specifically west of the Great Dyke.
“Further, at the annual general meeting of the company held on 29 May 2025, shareholders granted authority to the company to issue up to 622 841 000 ordinary shares of £0,001 each in the capital of the company to be issued as part of the company’s planned secondary listing on the VFEX and/or in respect of capital raising linked to the referral listing on the VFEX,” Kavango said in its VFEX pre-listing prospectus.
“The authority granted for these 622 841 000 ordinary shares took into account that the Comarton Tranche 1 shares were to be issued as tranche 1, pursuant to the Comarton CLN had been drawn down. The subscription will be capped at US$13 500 000, US$5 000 000 of this has been allocated to Comarton in the form of a convertible loan note facility, which includes the Comarton Tranche 1 Shares, comprising 37 034 293 ordinary shares representing an approximate value of US$500 000, being issued on admission.
“[Three and a half million United States dollars] US$3 500 000 has been allocated to the major shareholder of Kavango Resources plc, Purebond Limited, (comprising 259 240 056 ordinary shares representing an approximate value of US$3 500 000, which were issued on admission. The remaining US$5 000 000 will be made available to potential subscribers’ admission, subject to investor demand.”
NewsDay Business understands that the company intends to make available a portion of the offer shares to eligible employees of the company through a structured employee share scheme, forming part of the minimum public shareholders’ requirement under the VFEX Listing Rules.
“This initiative is intended to encourage employee participation in the company’s growth and to align the interests of employees with those of shareholders,” Kavango said.
The company also intends to carry out a UK subscription following VFEX admission.
Kavango has received an intention from Purebond Limited (a company incorporated in England and Wales with company number 02627740) to invest £1 000 000 (US$1,32 million) into the UK subscription.
Kavango has appointed Corpserve Registrars as its registrar and transfer agent in Zimbabwe.
“Ordinary shares of Kavango with a capped value of US$5 000 000 [five million United States dollars] are available to be issued to potential subscribers in their name or to a nominee of their choice for individuals wishing to hold their shares in a custodial or nominee account,” Kavango said.
“Once the subscription is closed and shares have been allotted to the respective subscribers, Kavango will seek a listing for the allotted offer shares by way of an introduction on the VFEX, while maintaining its primary listing on the LSE.”
The offer shares will not, however, be tradeable on the main market of the LSE unless the shares are transferred back to the register of members of the company held in England under the requisite process.
“Zimbabwean investors will have the option to keep their ordinary shares in Zimbabwe, sell them on VFEX or move them to LSE through a branch register control account set up by Share Registrars Limited [Kavango’s registrar in the UK],” Kavango said.
“Conversely, if demand for ordinary shares increases on VFEX, Kavango may issue additional ordinary shares to subscribing shareholders in Zimbabwe.”
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