Kavango, the Southern Africa focussed metals exploration company announced on 28 January 2025, that the Financial Conduct Authority had approved its prospectus issued in connection with a subscription raising gross funds of approximately £6.5m. This followed shareholders voting in favour of increasing share headroom and disapplying pre-emption rights at a general meeting held in January 2025. In addition, various convertible loan notes converted on admission, and the aggregate value of the combined strategic fundraising was approximately £10m.

The funds raised will contribute to the Company’s plans for developing gold mines in Zimbabwe at the Hillside Project, further exploration in Zimbabwe and Botswana and for general working capital purposes.

The Company has also previously announced that it intends to use this prospectus as part of the listing information for application to trading of ordinary shares on the Victoria Falls Stock Exchange in Zimbabwe.

Partner and Head of Capital Markets, Jack Dervyn, led the Druces’ team which included, Kajal Sachania (Senior Associate) and Devon Monaghan (Solicitor).

Jack Dervyn, Druces, commented:

“Kavango has progressed to an exciting phase where in addition to the strategic fundraise carried out in the UK, it is also considering a secondary listing on the Victoria Falls Stock Exchange in Zimbabwe. Having worked with the company and directors closely for a number of years, we are pleased to be able to provide a range of commercial and legal advice to help navigate the path ahead for the company”.