Kavango Resources PLC Corporate update & expiry of warrants (5564Y)
May 05 2023 - 1:00AM
UK Regulatory
TIDMKAV
RNS Number : 5564Y
Kavango Resources PLC
05 May 2023
PRESS RELEASE
05 May 2023
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Corporate update & expiry of warrants
Kavango Resources plc (LSE:KAV), the Southern Africa focussed
metals exploration company , is pleased to provide the following
corporate update.
Progress with new acquisition
Kavango confirms it is in late-stage discussions for a potential
exclusive 2-year option to acquire a gold exploration and
development project in Zimbabwe (the "Option"). The project area
covers a number of contiguous gold claims over a 3.4km strike that
has supported historic high-grade underground mining and more
recent surface small-scale mining op(the "Project Area").
The Project Area has never been explored using modern methods or
technology. Provisional terms of the Option would allow Kavango to
perform unrestricted field due diligence (exploration and
drilling), ahead of deciding whether to exercise the Option.
Kavango has completed extensive preliminary due diligence ahead
of negotiating the Option, including two field visits to the
Project Area.
Potential GBP6,000,000 conditional equity investment into
Kavango
In parallel to the new acquisition discussions, Kavango has been
in discussions with a single investor concerning a possible
GBP6,000,000 conditional equity investment into the Company via a
non-brokered direct subscription (the "Proposed Subscription").
Should terms be finalised and agreed, the Company expects to
complete the Proposed Subscription at 1p per share. Full completion
of the Proposed Subscription would be subject to (i) approval by
the Financial Conduct Authority of a prospectus; (ii) approval by
shareholders of a waiver in accordance with Rule 9 of the Takeover
Code; and (iii) the Company having the necessary authorities to
issue the subscription shares.
Expiry of April 2020 warrants
On 15 April 2020, Kavango announced a GBP358,000 placing and
subscription (the "April 2020 Placing"). As part of the April 2020
Placing, the Company issued "A" and "B" warrants on a 3-year term.
All unexercised "A" and "B" warrants have now expired.
Further information in respect of the Company and its business
interests is provided on the Company's website at
www.kavangoresources.com and on Twitter at #KAV.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Further information in respect of the Company and its business
interests is provided on the Company's website at
www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
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END
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