Kavango Resources PLC (LSE:KAV, OTC:KVGOF), the LSE-listed Southern Africa metals explorer and gold producer, rose 18% to 0.88p on Friday after raising approximately $8.4 million through share subscriptions in the UK and Zimbabwe.
The company placed 629,991,138 new shares at £0.01 each, a price representing a 33% premium to the previous day's closing mid-market price, across both the London Stock Exchange and the Victoria Falls Stock Exchange (VFEX) in Zimbabwe.
The UK portion raised £2.8 million, while the Zimbabwe-targeted subscription raised the equivalent of approximately $4.7 million.
Peter Wynter Bee, the company's chairman and interim chief executive, participated in the UK placing, subscribing for 20 million shares at the offer price.
Combined with existing cash and committed funds, the proceeds bring Kavango's available resources to approximately $13.5 million, which the company intends to deploy on expanding gold production at its Hillside operation, completing the acquisition of the Nara project, covering any associated litigation costs, and general working capital.
New shares are expected to begin trading on 16 March 2026.