Business
Corporate update & expiry of warrants
Corporate update & expiry of warrants.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n \n05 May 2023\nKAVANGO RESOURCES PLC\n(\"Kavango\" or \"the Company\")\nCorporate update & expiry of warrants\nKavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to provide the following corporate update.\nProgress with new acquisition\nKavango confirms it is in late-stage discussions for a potential exclusive 2-year option to acquire a gold exploration and development project in Zimbabwe (the \"Option\"). The project area covers a number of contiguous gold claims over a 3.4km strike that has supported historic high-grade underground mining and more recent surface small-scale mining op(the \"Project Area\").\nThe Project Area has never been explored using modern methods or technology. Provisional terms of the Option would allow Kavango to perform unrestricted field due diligence (exploration and drilling), ahead of deciding whether to exercise the Option.\nKavango has completed extensive preliminary due diligence ahead of negotiating the Option, including two field visits to the Project Area.\nPotential £6,000,000 conditional equity investment into Kavango\nIn parallel to the new acquisition discussions, Kavango has been in discussions with a single investor concerning a possible £6,000,000 conditional equity investment into the Company via a non-brokered direct subscription (the \"Proposed Subscription\").\nShould terms be finalised and agreed, the Company expects to complete the Proposed Subscription at 1p per share. Full completion of the Proposed Subscription would be subject to (i) approval by the Financial Conduct Authority of a prospectus; (ii) approval by shareholders of a waiver in accordance with Rule 9 of the Takeover Code; and (iii) the Company having the necessary authorities to issue the subscription shares.\nExpiry of April 2020 warrants\nOn 15 April 2020, Kavango announced a £358,000 placing and subscription (the \"April 2020 Placing\"). As part of the April 2020 Placing, the Company issued \"A\" and \"B\" warrants on a 3-year term. All unexercised \"A\" and \"B\" warrants have now expired.\nFurther information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTI...