Convertible Loan Note
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Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that Deputy Chairman Peter Wynter Bee has agreed to subscribe to a Convertible Loan Note in the Company as part of the Company's Cap-Ex Programme.
Convertible Loan Note
As announced (>>>29 August 2024) as part of the first phase of the Company's Cap-Ex Programme, Purebond Limited agreed to advance the Company £2million through a convertible loan note (the "CLN"). The CLN carries an annual coupon of 10% and has a twelve-month term. The CLN and accrued interest are convertible into ordinary shares in the Company subject to publication of a prospectus. Mr Wynter Bee has since agreed to advance £200,000 for a CLN on the same terms. The conversion price of the loan notes is the price per share pursuant to the fundraise expected to be carried out in conjunction with a prospectus.
Ben Turney, Chief Executive Officer of Kavango, commented:
"I would like to thank Peter for his continued personal support for the Company and for making this further significant investment, which augments that recently made by Purebond."
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