Business
Conditional £6million two-stage equity investment
Conditional £6million two-stage equity investment.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n \n09 May 2023\nKAVANGO RESOURCES PLC\n(\"Kavango\" or \"the Company\")\nConditional £6million two-stage equity investment \nKavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce further details in respect of the Company's RNS of 5 May 2023 in which it announced a potential £6,000,000 conditional equity investment into Kavango (\"£6.0 million Equity Investment\"). The £6.0 million Equity Investment is to be completed via a conditional direct subscription into the Company in two-stages by a single investor, Purebond Limited (\"Purebond\") (the \"Subscription\").\nThe Subscription will be carried out by the conditional issue of 140,000,000 new ordinary shares of £0.001 each (the \"Stage 1 Subscription Shares\") in the capital of the Company at a price per share of 1 penny (the \"Subscription Price\") (the \"Stage 1 Subscription\"), and the conditional issue of 460,000,000 new ordinary shares of £0.001 each (the \"Stage 2 Subscription Shares\") at the Subscription Price per share (the \"Stage 2 Subscription\"). Stage 2 will be subject to the approval by the Financial Conduct Authority of a prospectus and the approval by independent shareholders of a waiver in accordance with Rule 9 of the Takeover Code (Whitewash) (among other conditions further detailed below).\nPurebond currently holds 85,000,000 shares in the Company, which equates to a holding of 12.05%. In addition, Solai Pension Schemes (\"Solai\") holds 1,000,000 shares in the Company equating to a current holding of less than 1%. On the issue of the Stage 1 Subscription Shares, Purebond and Solai will hold 226,000,000 ordinary shares representing 26.7% of the Company's issued share capital. Successful completion of the Subscription will result in Purebond and Solai holding 686,000,000, approximately 52.5% of the Company's issued share capital.\nBen Turney, Chief Executive Officer of Kavango, commented:\n\"We would like to thank Purebond for the strong faith they are showing in Kavango. Today's £6million two stage conditional equity financing is a seminal moment for our Company. We've worked extremely hard over the last 18 months, in challenging conditions, to position the business to succeed. We've made significant progress on all fronts and greatly sharpened our exploration fo...