Acquisition

RNS Number : 4725F

Kavango Resources PLC

21 March 2022

 

PRESS RELEASE

21 March 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

 Provisional Offer to acquire KKME

Further to the announcement on 02 March 2022, Kavango Resources plc (LSE:KAV) announces it proposes to make an offer to acquire 100 per cent of the issued share capital of Kalahari Key Mineral Exploration Proprietary Ltd ("KKME") (the "Provisional Offer").

KKME has a 60% effective economic interest in the Molopo Farms Nickel Exploration Project, Botswana.

The Provisional Offer will replace the proposed deal terms outlined in the Work Programme Option announcement (announced 26 November 2021).

Subject to the Provisional Offer being accepted by the holders of at least 90 per cent of the shares in KKME, Kavango will publish a detailed exploration plan on Molopo Farms potentially including immediate diamond core drilling.

Further announcements will be made in due course.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"This has been a complex transaction to close, dealing with a number of minority interests. A deal structure was agreed last week with eleven of KKME's twelve participating shareholders.  Our new offer to KKME's shareholders is straightforward and reflects those terms. Molopo Farms has significant potential and Kavango has the team on the ground to accelerate exploration here rapidly.  We have a drill rig ready to mobilise that we've waited long enough to deploy."

Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc   

Ben Turney

[e-mail]  

[phone]

First Equity (Joint Broker)

[phone]

Jason Robertson 

SI Capital Limited (Joint Broker) 

[phone]

Nick Emerson

 

END

 

 

ACQPPURGWUPPGWG