London-listed Kavango Resources, an exploration company with a focus on Southern Africa, has finished Stage 1 of a two-stage equity investment to raise £1.4 million by issuing 140 million new ordinary shares in the company's capital.
The proceeds from the Stage 1 subscription will go towards the company's overall operating capital as well as funding projected exploratory activities and potential acquisitions.
The Standard List section and trading on the LSE's main market will both receive applications for admission of the new ordinary shares.
Expectations are that the admission will take effect and that trading in the new ordinary shares will start on June 28.
Kavango is engaged in several copper exploration projects in Botswana.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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