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Kavango Resources PLC - London-based mineral explorer focused on Botswana - Raises £3.0 million before expenses via the issue of 166.7 million shares at 1.8 pence each. The placing is conducted by First Equity Ltd with institutional and other investors "including high net worth and retail investors". Notes one "strategic cornerstone investor" subscribed for over half of the placing amount. Also conditionally completes issue of 8.1 million shares in a direct subscription.
It will use the funds for its portfolio of projects in Botswana and as general working capital.
"Our current key focus is on our Kalahari Copper Belt interests, where the drilling programme is underway. We are now fully funded for our ambitious plans through 2023 and are in an excellent position to achieve our goal of becoming the leading minerals exploration company in Botswana," says Chief Executive Officer Ben Turney.
Current stock price: 2.00 pence, up 2.6% on Monday in London
12-month change: down 60%
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