REG - Kavango Resources - £3.08million Accelerated Bookbuild

Kavango ResourcesAnnouncement

29/04/2024 07:00

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RNS Number : 3188M  Kavango Resources PLC  29 April 2024

29 April 2024

Kavango Resources PLC

("Kavango" or "the Company")

£3.08million Accelerated Bookbuild

Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals
exploration company, is pleased to announce the Company is proposing to raise
£3,085,366 by the issue of  257,113,862 new ordinary shares in the capital
of the Company ("New Ordinary Shares") at a price per share of 1.2 pence, via
an underwritten accelerated bookbuild (the "Accelerated Bookbuild").

The Accelerated Bookbuild will open at 0800 on Monday 29 April and close at
the latest at 1700 on Tuesday 30 April. The result of the Accelerated
Bookbuild will be announced as soon as is practicable after the close.

The Accelerated Bookbuild is being underwritten by Purebond Limited, who will
subscribe for a minimum of 135,000,000 New Ordinary Shares.

The Company's broker, First Equity Limited, will act as coordinator of the
Accelerated Bookbuild.

To participate in the Accelerated Bookbuild, please contact First Equity using
the details provided below.

Ben Turney, Chief Executive Officer of Kavango, commented:

"We are extremely grateful to Purebond for their continued strong support of
Kavango.

As the prices of gold and copper continue to rise, this is an ideal time to
make major discoveries in both metals. Thanks to Purebond's powerful financial
backing, Kavango has developed its projects swiftly in Zimbabwe and Botswana.
Today's £3.08million accelerated bookbuild will enable us to build on this
momentum.

In Zimbabwe we recently announced results of two successful gold exploration
holes at our Hillside Project. Highlights included 7.2m @ 9.95g/t at Prospect
2 and 2.53m @ 29.08g/t at Prospect 4. We will use some of the funds raised in
the bookbuild to take the diamond drill rig back to Hillside to test the
strike, width, and extent of these possible discoveries.

Meanwhile, in Botswana, we are about to embark on a 5,000m diamond drill
programme at the Karakubis Copper Project, part of our extensive 7,500km(2)
mineral rights package in the Kalahari Copper Belt. Having recently completed
detailed surveying and mapping, we believe we have identified the right
geological setting and structural controls for potential large-scale
copper/silver deposits across the Kara Anticline.

It now remains for us to test whether the Kara Anticline contains a copper
mineralised system. Physical indicators are encouraging, with the presence of
pathfinder minerals galena and sphalerite. We are keen to start this landmark
drill campaign and will use some of the funds raised to deploy a second rig to
the Karakubis Project. This will halve the time it takes for us to complete
the programme.

If any existing Kavango shareholders wish to participate in the accelerated
bookbuild, please contact our broker First Equity."

Participating in the Accelerated Bookbuild

Kavango's broker, First Equity, will coordinate the Accelerated Bookbuild.

To participate in the Accelerated Bookbuild please contact Jason Robertson:

Telephone:      +44 207 374 2212

Email:              jasonrobertson@firstequitylimited.com

Use of funds

Funds from the Accelerated Bookbuild will contribute to the Company's general
working capital, fund further exploration and development work and provide
finance for acquisitions.

Exploration work is likely to include (but not be limited to):

§ Diamond drilling to test presence of multiple economic gold ore bodies in
Hillside/Nara gold belt, Zimbabwe

§ 5,000m diamond drill campaign to prove the Kara Anticline is a
copper-mineralising system in the Kalahari Copper Belt, Botswana

§ Completion of Hillside acquisition (announced >>> 23 April 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w1kpn6x)
)

§ Capital investment into Kavango Mining to increase gold production
(announced >>> 08 March 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w1kky3x)
)

§ Increasing project footprint in Zimbabwe, through securing additional
options on projects

Admission and Total Voting Rights

On completion of the Accelerated Bookbuild, application will be made for the
New Ordinary Shares to be admitted to the Standard List segment of the
Official List and to trading on the main market of the London Stock
Exchange plc ("Admission").  It is expected that Admission will become
effective and that dealings in the New Ordinary Shares will commence
at 8.00am on or around Thursday 16 May 2024.

Following Admission, the total issued share capital of the Company will
consist of 1,562,683,176 Ordinary Shares. Therefore, the total number of
voting rights in the Company is 1,562,683,176 and this figure may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest, in the share capital of the Company.

 

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
(http://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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