- Kavango Resources raised about $8.4 million through share subscriptions in the UK and Zimbabwe.
- The funds will help expand gold production at the Hillside project in Zimbabwe.
- The company also plans to pursue the acquisition of the Nara gold project.
KAVANGO Resources PLC has successfully raised around US$8.4 million through share subscriptions in both the United Kingdom and Zimbabwe, aimed at bolstering its gold projects.
The company, which focuses on metals exploration and gold production in Southern Africa, shared the news of this fundraising in an official statement.
In Zimbabwe, they managed to raise approximately £0.01 per share through what they referred to as the VFEX Subscription, bringing in about US$4.7 million.
Meanwhile, a separate subscription in the UK generated £2.8 million at the same share price.
“The Company has therefore raised in total approximately US$8.4 million by way of subscription, at a premium to the mid-market price at close on 5 March 2026,” Kavango noted in their statement.
This fundraising effort will lead to the issuance of around 629,991,138 new ordinary shares, which will increase the company’s share capital by about 33%.
Peter Wynter Bee, the company chairman and interim chief executive, also participated in the UK share offer.
He “subscribed for 20,000,000 of the shares in the UK Subscription also at £0.01 per share,” the company reported.
Kavango has applied for the UK shares to be admitted to the main market of the London Stock Exchange.
The shares from the Zimbabwe subscription will first be traded in London before being transferred to the Victoria Falls Stock Exchange (VFEX) via a branch register.
“It is expected that Admission and the VFEX Admission will become effective and that dealings in the UK Shares and the VFEX Shares will commence at 8.00 am on or about 16 March 2026,” the company said.
Kavango mentioned that the funds raised will help support the growth of its gold operations in Zimbabwe.
The company has plans to expand its Hillside gold production, pursue the acquisition of Nara, and fund exploration and working capital.
With the proceeds from these subscriptions, along with existing cash resources, the total available funds now stand at about US$13.5 million, according to the company.
Kavango Resources is listed in London and is dedicated to mineral exploration and gold production projects in southern Africa.
The company has been expanding its operations in Zimbabwe’s gold sector in recent years.
