Kavango Resources PLC - exploration company focussed on Botswana - Enters exclusive three-month option to buy just over 85% stake in Kalahari Key Mineral Exploration Pty Ltd in proposed all-share deal. KKME currently owns 100% of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the Molopo Farms project. Power Metal Resources PLC has an effective 40% project in Molopo Farms, which it will convert into equity on a pro-rated basis in KKME should the proposed acquisition complete.
Following proposed deal, Kavango would hold an interest of between 50.7% and 51.2% in KKME, Erima PLC would hold 9.3% and 8.9%, and Power Metal the remaining 40%.
Separately, Kanvago on Friday signs memorandum of understanding to accelerate its 90% ownership of the LVR joint venture in the Kalahari copper belt.
Current stock price: 5.372 pence, down 5.8% on Friday
Year-to-date change: up 92%
By Lucy Heming;Â lucyheming@alliancenews.com
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Kavango Resources (KAV)
Power Metal (POW)