Online Reporter
Tapiwanashe Mangwiro
London and Zimbabwe-listed mining firm, Kavango Resources, has raised about US$8,4 million from investors in Zimbabwe and the United Kingdom to accelerate the expansion of its gold projects in Zimbabwe.
The capital injection is expected to strengthen the development of the company’s Hillside Gold Project in Matabeleland South and also support further exploration and acquisition plans in the country.
In a statement, the company said it had raised the funds through parallel subscriptions in the UK and on Zimbabwe’s Victoria Falls Stock Exchange (VFEX).
“Kavango Resources plc is pleased to announce that it has raised, by way of subscription, approximately US$4,7 million in Zimbabwe (the ‘VFEX Subscription’) and £2,8 (US$3,7) million in the UK (the ‘UK Subscription’),” the company said.
The shares issued for the fundraise represent approximately a 33 percent premium to the mid-market price recorded on March 5, 2026.
The miner said a total of 629,99 million new ordinary shares would be issued under the two subscriptions.
The capital raise also attracted support from within the company’s leadership.
Chairman and interim chief executive officer Mr Peter Wynter Bee, personally participated in the UK subscription, reinforcing management’s confidence in the project.
“Chairman and Interim CEO Peter Wynter Bee has subscribed for 20 million of the shares in the UK Subscription also at £0.01 (US$0,13) per share,” the company said.
The new shares are expected to begin trading on both the London Stock Exchange and the Victoria Falls Stock Exchange once regulatory approvals are finalised.
According to the company, applications have already been made for the shares to be admitted to the London market before being transferred to Zimbabwe through a branch register mechanism to enable trading on the VFEX.
“It is expected that admission and the VFEX Admission will become effective and that dealings in the UK Shares and the VFEX Shares will commence at 8.00am on or around March 16, 2026,” the company said.
