Kavango raises £2.2m to fast-track Zimbabwe gold projects
LSE- and VFEX-listed Kavango Resources has raised £2.2-million through the issue of more than 227.7-million new ordinary shares in the capital of the company at a price per share of 1p by way of a direct subscription and placing.
Kavango’s major shareholder Purebond has directly subscribed for more than 111.2-million new ordinary shares at the subscription price.
Kavango chairperson and company director Peter Wynter Bee has also subscribed for ten-million new ordinary shares at the subscription price.
"We are now entering the crucial phase of Kavango’s plan in Zimbabwe. In the last two years, we’ve made four significant discoveries that we believe we can bring into commercial production.
“Our immediate objective now is to build and commission 250 t/d of gold mining and processing capacity at our Hillside gold project in the first half of next year. This pilot-scale production will allow us to . . . prove to the international market that Zimbabwe is a mining-friendly jurisdiction that is open for business.
“We intend to use the funds raised today to accelerate our progress towards that goal,” Kavango CEO Ben Turney said on September 10.
Funds from the placing and subscription will contribute to the company's general working capital and will fund further exploration and mine development work. This work will include resource and grade control drilling at Kavango’s Bill’s Luck gold mine in Zimbabwe, as well as a combination of surface diamond and reverse circulation drilling, plus underground diamond drilling to identify three years’ worth of mineable reserves.
The funds will also help finance the initiation of construction of a 200 t/d carbon-in-leach processing plant at Bill’s Luck, along with further surface and underground exploration and resource drilling.
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