REG - Kavango Resources - Convertible Loan Note

Kavango ResourcesAnnouncement

24/09/2024 17:45

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RNS Number : 5045F  Kavango Resources PLC  24 September 2024

24 September 2024

Kavango Resources PLC

("Kavango" or "the Company")

Convertible Loan Note

 

Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals
exploration company, is pleased to announce that Deputy Chairman Peter Wynter
Bee has agreed to subscribe to a Convertible Loan Note in the Company as part
of the Company's Cap-Ex Programme.

Convertible Loan Note

As announced (>>>29 August 2024)
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/xjd8egx)
as part of the first phase of the Company's Cap-Ex Programme, Purebond Limited
agreed to advance the Company £2million through a convertible loan note (the
"CLN"). The CLN carries an annual coupon of 10% and has a twelve-month term.
The CLN and accrued interest are convertible into ordinary shares in the
Company subject to publication of a prospectus. Mr Wynter Bee has since agreed
to advance £200,000 for a CLN on the same terms. The conversion price of the
loan notes is the price per share pursuant to the fundraise expected to be
carried out in conjunction with a prospectus.

The Company has drafted a prospectus which is currently undergoing review by
the Financial Conduct Authority, and Kavango will use the final published
prospectus as the listing document for application to trading of the Company's
ordinary shares on the Victoria Falls Stock Exchange (announced >>>
02 August 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rmde28r)
).

Ben Turney, Chief Executive Officer of Kavango, commented:

"I would like to thank Peter for his continued personal support for the
Company and for making this further significant investment, which augments
that recently made by Purebond."

 

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

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Broker)

+44 207 374 2212

Jason Robertson

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