REG - Kavango Resources - £3.08million Accelerated Bookbuild Closes

Kavango ResourcesAnnouncement

01/05/2024 14:00

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RNS Number : 8622M  Kavango Resources PLC  01 May 2024

1 May 2024

Kavango Resources PLC

("Kavango" or "the Company")

£3.08million Accelerated Bookbuild Closes

Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals
exploration company, is pleased to announce the Company has raised £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 was underwritten by Purebond Limited, who will
subscribe for 221,213,862 New Ordinary Shares.

The Company's broker, First Equity Limited acted as coordinator of the
Accelerated Bookbuild and placed 13,750,000 New Ordinary Shares (the "ABB
Shares") with investors at the Subscription Price per share. In addition;

A total of 18,750,000 shares are being acquired by two directors of the
Company (the "Director Subscription Shares") at the Subscription Price per
share. CEO Ben Turney is acquiring 2,000,000 shares, and non-executive
director Peter Wynter Bee will subscribe for 16,750,000 shares;

A total of 3,400,000 shares have been placed with other investors (the
"Subscription Shares") at the Subscription Price per share.

Ben Turney, Chief Executive Officer of Kavango, commented:

"We are pleased to have secured a further £3.08million finance for Kavango.
The accelerated bookbuild was an innovative funding approach that was only
possible thanks to Purebond's strong support for Kavango and has helped us
defend our recent share price gains in difficult market conditions.

We will use the funds to accelerate our various drill programmes and will
continue to move forward at pace, as we explore for bulk-minable gold deposits
in Zimbabwe and large-scale copper deposits in Botswana.

The second half of 2024 holds a great deal of promise for Kavango and our
shareholders."

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 will 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 Placing 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

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Broker)

+44 207 374 2212

Jason Robertson

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