Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Ben Turney and Mike Moles, directors of the Company, have participated in a subscription for 1,090,911 New Ordinary Shares in the Company on the same terms at the placing announced on Monday 5 July raising gross funds of £60,000.
This takes the total gross funds raised by the Company in the Placing and Director Subscriptions to £2,000,000.
The Director Subscription
Ben Turney has subscribed for 727,274 New Ordinary Shares in the Company (363,637 in his name and 363,637 through Dynamic Investor Relations, a private company that Mr Turney owns 70% of).
Mike Moles has subscribed for 363,637 shares.
In total Mr Turney and Mr Moles have subscribed for a combined 1,090,911 New Ordinary Shares (the “Director Subscription Shares”).
Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 8.5p for a term of 24 months from the date of issue, which is subject to an acceleration clause whereby should the Company’s shares close above 17p for more than 5 trading days, the Company may at any time write to the warrant holders providing 10 working days’ notice of accelerated exercise, with 10 workings day thereafter for payment.
Admission and Total Voting Rights
Application will be made for the Director Subscription Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00am on or around Monday 02 August 2021.
Following Admission, the total issued share capital of the Company will consist of 401,431,686 Ordinary Shares. Therefore, the total number of voting rights in the Company is 401,431,686 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For additional information please contact:
Kavango Resources plc
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500