Business
Interim Results
Interim Results.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\n\n\n13 September 2023\n \nKAVANGO RESOURCES PLC (\"KAVANGO\" OR \"THE COMPANY\")\nInterim Results\nKavango Resources plc, an exploration company targeting the discovery of world class mineral deposits in Botswana and Zimbabwe, is pleased to announce its unaudited financial results for the six months ended 30 June 2023.\nSUMMARY\n· Successfully completed a placing raising gross proceeds of £1,400,000 (US$1,773,000);\n· Expenditure in Botswana on exploration of US$1,162,000;\n· Loss for the period of US$1,417,000 (June 2022 - US$883,000);\nThe Interim Management Report and financial results are set out in the following pages.\nContacts\n\n\n\n\nKavango Resources plc\n\n\n\n\n\n\n\nBen Turney\n\n\n+46 7697 406 06\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFirst Equity\n\n\n\n\n\n\n\nJason Robertson\n\n\n+44 207 374 2212\n\n\n\n\n\nINTERIM MANAGEMENT REPORT 30 JUNE 2023 \nKavango continued to make good progress through the first half of 2023, with significant funding achieved in a challenging market, an expansion announced into Zimbabwe, and significant work programmes on all three of our Botswana projects.\nFinancing\nKavango successfully raised £1,400,000 by the issue of 140,000,000 New Ordinary Shares in the capital of the Company (\"New Ordinary Shares\") at a price per share of 1 penny to Purebond Limited (\"Purebond\").\nA second stage of this financing comprises 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 is 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).\nThis £6.0 million equity investment demonstrates significant confidence in the Company by Purebond, in what is a challenging market for junior exploration companies. If the second stage is approved this will enable the Company to accelerate its exploration programs, in particular in Zimbabwe and at Karakubis on the Kalahari Copper Belt (KCB).\nProject status - KSZ, Botswana\nOn the Kalahari Suture Zone (KSZ), where the Company is exploring for nickel-copper-PGE mineralisation, drillhole KSZDD003 was drilled. Thi...