Kavango Resources PLC (LSE:KAV, OTC:KVGOF) CEO Ben Turney joined Proactive's Stephen Gunnion with details of a proposed £6mln conditional equity investment to be completed via a conditional subscription in two stages by Purebond Ltd, an existing 12.05% shareholder.
While the equity investment will result in dilution to shareholders, Turney highlighted the benefits of the deal, including financial support for exploration and insulation from market volatility.
Attention this year has been redirected to the highly prospective Karakubis licence block in the Kalahari Copper Belt. Kavango is also in the closing stages of at least one acquisition, he said.