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LONDON (Alliance News) - Botswana-focused metals exploration company Kavango Resources PLC on Monday said it has raised GBP500,000 through a placing of 17.9 million shares at a price of 2.8 pence each.
Shares in Kavango were down 12% at 2.85p on Monday afternoon.
"The proceeds of GBP500,000 before expenses, will allow Kavango to accelerate its exploration program at the Kalahari suture zone project area. The KSZ project covers over 9,000 [kilometres squared] of prospecting licences prospective for base metals in southwest Botswana," said Kavango Chief Executive Michael Foster.
The project is looking for magmatic massive sulphide orebodies.
"The funds will also assist us to review other highly selective but potentially very interesting natural resource opportunities in Botswana," Foster added.
The placing shares have an attached warrant that can be exercised at a price of 12p per share, subject to conditions. Following the share issue, Kavango's will have 152.0 million in total.