PRESS
RELEASE
19
December 2024
KAVANGO RESOURCES
PLC
("Kavango" or "the Company")
Strategic
Financing
Kavango Resources
plc (LSE:KAV), the Southern Africa
focussed metals exploration company, is pleased to announce a
strategic financing of £6,566,200 at 0.7 pence per share (the
"Strategic Financing").
The Strategic Financing will be
subject to the approval of a prospectus by the Financial Conduct
Authority and shareholder approval at a general meeting (the
"General Meeting"). The Company will call the General Meeting
shortly.
The Strategic Financing will be
carried out by the conditional issue of 938,028,569 new ordinary
shares of £0.001 each in the capital of the Company at a price per
share of 0.7 pence. Trading in the Company's shares closed at
0.65p to 0.7p on Wednesday 18 December.
Ben
Turney, Chief Executive Officer of Kavango,
commented:
"We've recently announced Kavango's plans at Prospects 3 and 4
at the Hillside Gold Project in Zimbabwe. If the next phases of
resource and exploration drilling meet our expectations, we will
start work on developing two projects that we hope to start mining
by the end of 2025.
Over recent months, we have been readying the company for this
next phase of growth.
Through our subsidiary Kavango Mining, we have recruited a
dedicated mining team and put in place processes ready to start
operations. We have hired an Australian mining engineer, who is
experienced in using modern mechanised methods and lode gold
systems. He is overseeing our planned strategy to move into mine
development. Finally, we have engaged a gold processing plant
manufacturer in South Africa to conduct initial metallurgical test
work on ore samples taken from our project areas.
Meanwhile, in Botswana, we are encouraged by the results of
our recent drill campaign. We have gathered valuable data to build
our vectoring model and will complete the next phase of geophysics
early in the New Year. This will guide us on the next phase of
drilling, which we are planning for Q1 2025.
Today's financing provides us with the working capital we need
to put these plans into action."
Use of funds
Funds from the Strategic Financing
will contribute to the Company's plans for developing gold mines in
Zimbabwe at the Hillside Project, further exploration in Zimbabwe
and Botswana and for general working capital purposes.
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
