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(Alliance News) - Kavango Resources PLC on Wednesday said that it has raised GBP3.1 million via an accelerated bookbuild, at a price of 1.2 pence per share.
According to the Botswana and Zimbabwe-focused exploration company, the bookbuild was underwritten by Purebond Ltd, which will subscribe for 221.2 million new shares. Chief Executive Officer Ben Turney has bought 2.0 million shares, while Non-Executive Director Peter Wynter Bee will subscribe for 16.8 million shares.
The funds will be used for general working capital, and to provide financing for further acquisitions.
More specifically, exploration work will include diamond drilling to test the presence of multiple economic gold ore bodies in Hillside/Nara gold belt in Zimbabwe, and the completion of Kavango's Hillside acquisition.
"The accelerated bookbuild was an innovative funding approach that was only possible thanks to Purebond's strong support for Kavango and has helped us defend our recent share price gains in difficult market conditions," said CEO Turney.
"The second half of 2024 holds a great deal of promise for Kavango and our shareholders."
Shares in Kavango Resources closed 0.8% lower at 1.17 pence each in London on Wednesday.
By Holly Beveridge, Alliance News reporter
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