Business
ZIM: Capital Investment & Financing Programme
ZIM: Capital Investment & Financing Programme.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\n29 August 2024\nKavango Resources PLC\n(\"Kavango\" or \"the Company\")\nZIM: Capital Investment & Financing Programme\n \nKavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce the launch of its Capital Investment & Financing Programme (the \"Cap-Ex Programme\") to develop the Company's mining projects in Zimbabwe.\nThe Cap-Ex Programme will comprise staged capital raises for investment into specific value-generating projects. The primary objective will be to define mineable gold resources and acquire plant and equipment for larger-scale production.\nThe first phase of the Cap-Ex Programme will focus on the Hillside Gold Project (\"Hillside\"), which Kavango believes has potential to host one or more mineable ore bodies (announced >>> 28 August 2024). To this end, Kavango has issued a £2million convertible loan note (the \"CLN\") to Purebond Limited, its major shareholder. The CLN and accrued interest will be convertible ordinary shares in the Company on publication of a prospectus.\nBen Turney, Chief Executive Officer of Kavango, commented:\n\"We are extremely pleased with the rapid progress and achievements Kavango is making in Zimbabwe. So far, this approach has delivered highly encouraging results. In little over a year, we've gone from a standing start to being able to launch today's capital investment programme at our Hillside Gold Project. We have a number of work streams running in parallel to maximise our speed of growth.\nWe commenced small-scale gold production at Hillside in March. Since then, we've built our mining and production teams and made modest improvements to the plant and site. We've also hosted several site visits by mining experts. In parallel, our exploration team has worked hard to deepen our understanding of Hillside's geology and structural setting. It is thanks to their efforts that we are now able to move into resource drilling.\nWith the strong foundation we have put in place, we are ready to initiate the first phase of our Capital Investment & Financing Programme. This will involve a series of staged capital investments into revenue generating opportunities for Kavango. Highlights of the first phase will include resource drilling of our highest ranked deposits at Hillside and then, assuming results are favourab...