Business
Proposed placing to raise £2,000,000
Proposed placing to raise £2,000,000.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7472E\n Kavango Resources PLC\n 10 November 2020\n \n \n \n \n PRESS RELEASE\n \n \n \n \n \n 10 November 2020\n \n \n KAVANGO RESOURCES PLC\n \n \n (\"Kavango\" or \"the Company\")\n \n \n \n \n \n Proposed placing to raise £2,000,000\n \n \n \n \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 it has conditionally raised £2,000,000 before expenses by the issue of 72,727,273 New Ordinary Shares in the capital of the Company (\"New Ordinary Shares\") at a price per share of 2.75 pence. \n \n \n \n \n \n Placing\n \n \n The 72,727,273 New Ordinary Shares have been conditionally placed by First Equity Limited (\"First Equity\"), on behalf of the Company with institutional and other investors, including high net worth and retail investors (the \"Placing\").\n \n \n Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 4.25p for a term of 30 months from the date of issue, which is subject to an acceleration clause whereby should the Company's volume weighted average share price exceed 15p for more than 10 consecutive trading days, the Company may at any time write to the warrant holders providing 10 working days' notice of accelerated exercise, with 10 workings day thereafter for payment. \n \n \n Further details of the Placing, including the expected date of admission of the New Ordinary Shares (\"Admission\"), will be set out in a prospectus (\"Prospectus\") to be published in electronic form and available on the Company's website.\n \n \n \n \n \n Michael Foster, Chief Executive Officer of Kavango, commented:\n \n \n \"We are very pleased to have received such strong backing from investors, as we now enter an exciting phase of Kavango's development. The Company sought to raise a maximum of £2 million and I am happy to report that the placement was over-subscribed. \n \n \n We are now well funded to pursue our ambitious exploration plans and unlock what we believe is the Kalahari Suture Zone's (\"KSZ\") considerable potential. We have taken great strides over recent years to validate our overall exploration hypothesis that the KSZ is host to one or more large Copper-Nickel-PGM deposits.\n \n \n Over recent weeks we have continued ...