London-listed Kavango Resources, a Southern Africa-focused exploration company, announced that, following approval of all of the annual general meeting resolutions by shareholders on June 8, it has completed Stage 1 of the two-stage equity investment to raise £1.4-million through the issue of 140-million new ordinary shares in the capital of the company.
Funds from the Stage 1 subscription will contribute to the company's general working capital, and will further fund proposed exploration work and provide finance for possible acquisitions.
Application will be made for the new ordinary shares to be admitted to the Standard List segment of the official list and to trading on the main market of the LSE. It is expected that admission will become effective and that dealings in the new ordinary shares will begin on June 28.
Kavango has various copper exploration projects under way in Botswana.