LSE-listed Kavango Resources has raised £500 000 through a placing of around 17.8-million shares of 0.1p each at a price of 2.8p apiece.
Each placing share has a warrant attached that is exercisable at a price of 12p, giving the warrant holder the right to an additional half a warrant, exercisable at 24p up tp July 2022.
The placing was conducted by the company’s broker SI Capital and admission on LSE’s standard list segment of the main market will become effective on March 12.
CEO Michael Foster noted that the proceeds would allow Kavango to accelerate its exploration programme at the Kalahari Suture Zone project area, in Botswana. The area covers 9 000 km2 of prospecting licences for base metals.
He added that the funds would also assist the company in reviewing other selective, but potentially interesting, natural resource opportunities in Botswana.