British Miner Kavango Plans $13.5M VFEX Listing for Zimbabwe Gold Push
British miner Kavango Resources announces $13.5M secondary listing on Zimbabwe's VFEX, following major gold discovery. Employee share scheme planned to boost local participation.
Kavango Resources mining operations at Zimbabwe's Hillside Gold Project, showcasing recent exploration success
British mining company Kavango Resources Plc announced plans for a secondary listing on Zimbabwe's Victoria Falls Stock Exchange (VFEX) on August 29, aiming to raise US$13.5 million to expand its gold exploration activities. The London Stock Exchange-listed firm, currently valued at US$44.24 million, seeks to capitalize on recent promising discoveries in Zimbabwe's mining sector.
Strategic Expansion Following Gold Discovery
The listing decision follows Kavango's significant discovery at its Hillside Gold Project, where recent drilling revealed high-grade gold deposits of 11.79 grams per tonne at the Bill's Luck Gold Mine. This development marks a crucial step in Zimbabwe's ongoing institutional transformation efforts in the mining sector.
Investment Structure and Corporate Governance
The company's fundraising strategy demonstrates strong corporate accountability and transparency, with clear allocation of the US$13.5 million target:
- US$5 million allocated to Comarton through a convertible loan note facility
- US$3.5 million designated for major shareholder Purebond Limited
- US$5 million available for new potential subscribers
Employee Participation and Regional Development
In a move aligned with regional development initiatives, Kavango plans to implement an employee share scheme, enabling eligible staff to participate in the company's growth through share ownership.
Trading and Share Management
The VFEX-listed shares will maintain distinct trading parameters from the LSE listing, with Corpserve Registrars appointed as the Zimbabwe registrar. Investors will have flexibility to:
- Keep shares on the VFEX
- Trade locally in Zimbabwe
- Transfer holdings to the LSE through established protocols
Jasmine Demraoui
Journalist in governance and climate reform, based in Windhoek.