Kavango announced on 26 October 2023, that the Financial Conduct Authority had approved its prospectus issued in connection with a stage 2 subscription of 460,000,000 new ordinary shares raising gross funds of £4.6m. The stage 1 subscription was announced earlier this year, pursuant to which the company had raised gross funds of £1.4m. The process leading up to the approval of the prospectus involved calling a general meeting pursuant to which, inter alia, shareholders voted in favour of approving the waiver of the Rule 9 obligation under the City Code.
The funds raised will be used in connection with the company’s proposed exploration work programmes in Botswana and Zimbabwe.
Capital Markets Partner, Jack Dervyn, led the Druces’ team which included, Mark Lamph (Senior Associate), David Jahoda (Senior Associate), Michelle Cheung (Trainee Solicitor) and Devon Monaghan (Trainee Solicitor).
Ben Turney, Chief Executive Officer at Kavango, commented:
“The closing of the stage 2 subscription provides the company with a great platform to move forward with our proposed exploration work programmes. It was a collective effort all round to reach this point, and we thank Jack and the team at Druces for providing sound legal advice and support throughout the transaction.”
Jack Dervyn, Druces, commented:
“The board at Kavango have delivered a significant fundraise and we congratulate them and all involved on the transaction completing. We look forward to continuing our long standing relationship as the company progresses’.