Business
Conversion of Power Metals Convertible Loan Note
Conversion of Power Metals Convertible Loan Note.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2719T\n Kavango Resources PLC\n 17 July 2020\n \n \n \n PRESS RELEASE\n 17 July 2020\n KAVANGO RESOURCES PLC\n (\"Kavango\" or \"the Company\")\n \n Conversion of Power Metals Convertible Loan Note\n \n Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Power Metals Plc (LSE:POW) (\"Power Metals\") has exercised its right to convert its entire £38,000 convertible loan (\"CLN\") in the Company into shares.\n Further to the announcement on 15 April 2020, Kavango issued a £38,000 CLN to Power Metals (the \"POW CLN\"), as part of the £468,487 financing (the \"Financing\") and in conjunction with Power Metals' conditional acquisition of a 51% stake in the Company's Ditau exploration project in Botswana.\n Under the terms of the Financing, Power Metals could convert the POW CLN into 4,750,000 shares in Kavango (the \"Conversion Shares\"), on issue of a written conversion notice (the \"Conversion Notice\"). Kavango also agreed that on conversion of the POW CLN it would issue 4,750,000 warrants in the Company to Power Metals, with an exercise price of 1p per share and a 3-year exercise period from 21 April 2020 (the \"POW Warrants\").\n Following Power Metals' exercise of its conversion rights, the Company has now issued the Conversion Shares and POW Warrants to Power Metals.\n Ditau Due Diligence\n Kavango continues to work with Power Metals and its technical team in relation to the conditional acquisition of a 51% ownership interest in the Ditau Project.\n Further updates will be provided in due course.\n Application for admission\n The Conversion Shares will rank pari passu in all respects with the existing Ordinary Shares. Application will be made for the 4,750,000 Conversion Shares to be admitted to trading on the Standard List segment of the main market of the London Stock Exchange (\"Admission\"). It is expected that Admission will become effective and that dealings in the Conversion Shares will commence at 8.00am on, or about, 31 July2020.\n Total Voting Rights\n Following the issue of the Conversion Shares, the total issued share capital of the Company will consist of 192,955,709 Ordinary Shares. Therefore, the total number of voting rights in the Company is 192,955,7...