Kavango Resources Share Discussion Threads

[peace_n_blessings] 15/4/2020 17:07

Thanks for clarifying this Skiboy!

[skiboy10] 15/4/2020 16:55

D220

Posts: 1,546

Price: 0.70

No Opinion
RE: NewsToday 13:09

Coincidentally. I had just emailed M Foster yesterday to ask what was going on. After refering me todays news (which I see as a GOOD thing as it removes financing uncertainty which I think was holding the share price back) he indicated that CV19 is so far having minimal effect on what they are doing as this is currently "tech-y" stuff rather than operational and can be done working from home. (my interpretation).
So all good IMO and I am happy to wait for value to develop here.

[skiboy10] 15/4/2020 16:49

PRESS RELEASE

15 April 2020

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Issue of loan notes to directors and managers increases total financing to GBP468,487

Kavango Resources plc (LSE: KAV), the exploration group listed on the Standard List segment of the main market of the London Stock Exchange and targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce it has reached agreement with certain directors and managers for the settlement of arrears of remuneration by the issue of convertible unsecured loan notes.

In order to preserve the Company's cash resources, directors and senior managers have been deferring their remuneration for some time and a balance of GBP91,855 was due in this respect.

Earlier today the Company announced that it has raised GBP358,500 of working capital through, among other things, a placing and subscription of new shares at a placing price of 0.8p per new ordinary share (the "Placing), the issue of GBP38,000 zero coupon convertible loan notes 2021 and the issue of GBP102,500 of a series of 10% convertible unsecured loan notes 2021 (the latter being "Notes"). The Company has now agreed with directors and senior managers to issue a further GBP109,987 nominal of the Notes for cash of GBP18,132 and in payment of the balance of arrears of remuneration, as follows:

The Notes are repayable, if not previously converted, on 31 March 2021 and bear a coupon at the rate of 10% per annum.

Conversion of the Notes, including accrued interest, is at the same conversion price as the Placing price in the recent financing, namely 0.8p per ordinary share, is at the instance of the Company only, and is conditional upon the Company issuing a new prospectus, which will enable the admission to listing of the new shares to be issued on conversion. If the Company does not issue a prospectus and obtain approval for the admission of these new shares to listing by 28 February 2021, and then exercise its conversion right, then the CLN will be repayable in full on 31 March 2021 together with the accrued interest. If fully converted, the GBP109,987 nominal of Notes to be issued to directors and managers will result in the issue of a further 13,748,375 new ordinary shares. The directors and managers will each receive one warrant for each 0.8p nominal of the Notes taken up, exercisable at 1p and with a 3-year expiry from the date of Admission of the Placing shares (the "A" Warrants).

"A" Warrant holders will receive a full replacement warrant ("B" Warrants), exercisable at 2.5p, for every "A" Warrant they exercise within 12 months of the Admission of the Placing shares. "B" Warrants will have a 3-year expiry from the date of Admission of the Placing shares.

The "A" Warrants are, and the "B" Warrants will be, conditional upon the Company issuing, prior to 28 February 2021, a new prospectus, giving permission for the admission to listing of the new shares to be issued on exercise. They will also be conditional upon the Company's shareholders granting the necessary authorities under the Companies Act 2006 to enable the issue of such shares, outside the statutory pre-emption rights, and the Company intends to put these resolutions to shareholders at the 2020 AGM, which is expected to be held, subject to ongoing coronavirus restrictions, in mid-2020.

For further information please contact:

Kavango Resources plc [phone]

Michael Foster

[e-mail]

SI Capital Limited (Broker) [phone]

Nick Emerson

[skiboy10] 15/4/2020 13:05

Hybridan Small Cap Feast: 15-04-2020

Power Metal 0.295p £1.63m (POW.L)

Conditional acquisition of a 51% interest in the highly prospective Ditau Project, located in Botswana.

Subject to satisfactory completion of due diligence POW is to acquire 51% of the Ditau Project from Kavango Resources plc, (LON:KAV) for £150,000 payable through the issue of 35,714,286 new ordinary shares of 0.1 pence each in POW at an issue price of 0.42p per POW Share;

The Acquisition is subject to due diligence for which the parties have agreed due diligence period of 30-days which will commence from removal of COVID-19 related international travel and work restrictions, or 1 September 2020, whichever is earlier;

The highly prospective Ditau Project is targeting the discovery of commercial deposits of Rare Earth Elements.

[skiboy10] 15/4/2020 13:04

Hybridan Small Cap Feast: 15-04-2020

Power Metal 0.295p £1.63m (POW.L)

Conditional acquisition of a 51% interest in the highly prospective Ditau Project, located in Botswana.

Subject to satisfactory completion of due diligence POW is to acquire 51% of the Ditau Project from Kavango Resources plc, (LON:KAV) for £150,000 payable through the issue of 35,714,286 new ordinary shares of 0.1 pence each in POW at an issue price of 0.42p per POW Share;

The Acquisition is subject to due diligence for which the parties have agreed due diligence period of 30-days which will commence from removal of COVID-19 related international travel and work restrictions, or 1 September 2020, whichever is earlier;

The highly prospective Ditau Project is targeting the discovery of commercial deposits of Rare Earth Elements.

[gasmanmick] 15/4/2020 11:30

Good news finance in place to see KAV through covid 19 and to continue exploration when possible

[paleje] 15/4/2020 10:48

goneawol thanks, my mistake. Paul Johnson is POW, I know him too, same warning applies:) In fact I met both Paul and Louis at the same agm in Ireland some years back and at presentations since, both affable both to be treated with caution imo.

[robertjbeck] 15/4/2020 10:44

Now down nearly 30%. That news wasn't well received.

[goneawol] 15/4/2020 08:32

I think Louis Coetzee is Katoro Gold, not POW.

[robertjbeck] 15/4/2020 08:31

Dropped nearly 12% on a single small size trade. Says it all really.

[paleje] 15/4/2020 08:09

Careful here. POW is run by Louis Coetzee a serial underperformer, I have met him and talked with him in the past, finger in too many pies lots of dissatisfied shareholders across them.

[gasmanmick] 12/4/2020 13:52

Aggree it’s the least they could do for investors who are still here

[d220] 12/4/2020 10:16

Gone into hibernation here? Very few trades, no posts, no activity.
Would be nice to get a company update on what effect Covid 19 is having on operations/plans. Would also like to know the cash position too.....

[peace_n_blessings] 01/4/2020 08:55

Anyone know what's happening at KAV? Has coronavirus had any impact on their operations?

[riley9] 27/3/2020 07:36

That's only 10 grands worth, plenty of pi's able to afford that even as a punt.

[gasmanmick] 25/3/2020 20:23

Someone bought almost a million shares what’s occurring

[skiboy10] 17/3/2020 17:14

Still here as well.

[jone06] 17/3/2020 09:15

Still here, given the market cap I can't see this going any lower......unless.......

[thelung] 16/3/2020 23:20

Still here. No point releasing any news in the current climate. Can see this at less than 0.5p soon

[gasmanmick] 16/3/2020 23:08

Anyone out there or am I only one still holding these shares
Company need to post some news regardless

[gasmanmick] 10/3/2020 10:31

Any news ?
Must have done new downhole surveys by now.