Druces’ Capital Markets team has advised Kavango Resources plc, the exploration company targeting the discovery of world-class mineral deposits in Botswana, in connection with a secondary placing and subscription to raise a gross amount of £2 million. The transaction involved the issue of 72,727,273 new Ordinary Shares at 2.75 pence per share, admission to the Official List of the enlarged share capital, and up to 244,950,808 new Ordinary Shares, by way of a simplified disclosure prospectus.
Capital Markets Partner, David Smith, led the Druces’ team which included Jack Kemmish (Senior Associate), Mark Lamph (Solicitor) and Clarice Hui (Trainee Solicitor).
David Smith commented: “We are delighted to have helped Kavango secure the funding to finance its ongoing exploration activities in Botswana. I’ve personally worked with Michael Foster for over 30 years and it’s a particular pleasure to see him positioning the company to take advantage of the opportunities he and his team have identified”.
Michael Foster, Chief Executive Officer of Kavango commented: “As always David, Jack and the team at Druces have helped us produce a prospectus within our short timeframe and our budget expectations. My sincerest thanks to all of them.”
The prospectus is available on Kavango’s website at:
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