LONDON (Alliance News) - Kavango Resources PLC on Tuesday said it raised GBP250,000 via a heavily discounted placing of 8.9 million shares at 2.8 pence each.
Kavango shares were trading down 17% at 3.00p each on Tuesday afternoon.
Each share placed has a warrant attached which is exercisable at 12p.
The funds raised in the placing will be used by the company to accelerate its exploration activities at the Kalahari Suture Zone project in southwest Botswana.
Admission of the new shares to trading is expected on March 12, following which, the company will have 161.0 million shares in issue.
Kavango Resources (KAV)