Mining exploration firm Kavango Resources plc has announced plans to issue more than 36 million new ordinary shares as part of a funding arrangement aimed at strengthening investment participation and expanding shareholder backing.
In a notice dated May 11, 2026, the company confirmed the issue of 36,596,469 new ordinary shares, expected to be completed around May 15, 2026, under an agreement involving Comarton Consultants (Private) Limited and institutional funds managed under the Comarton Managed Pension Funds Investments Consortium.
The company said the new shares would be issued at £0.01 per ordinary share, with pricing calculated using the Bank of England daily spot exchange rate.
“Further to the announcements of 22 April 2025, 5 September 2025, and 14 January 2026, the Company is pleased to confirm the 36,596,469 new Ordinary Shares are to be issued,” Kavango said in the statement.
According to the company, the transaction forms part of a multi-tranche investment agreement signed in April 2025, which continues to bring institutional pension fund investors into Kavango’s shareholder structure.
Kavango noted that the latest tranche increases the number of consortium pension funds invested in the company to 13.
“This tranche… brings the total number of Consortium pension funds now invested in Kavango to thirteen,” the company said, adding that the investors will hold a combined 179,977,379 ordinary shares following admission of the new shares.
The investment structure is being administered by Comarton as agent for the participating funds.
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Kavango confirmed that the shares will first be admitted to trading on the Main Market of the London Stock Exchange before being transferred to Zimbabwe through a branch register arrangement.
“Application will be made for the New Ordinary Shares to be first admitted to trading on the Main Market of the London Stock Exchange and then immediately transferred to Zimbabwe… to be secondary listed on the Victoria Falls Stock Exchange,” the company said.
The structure allows the shares to be directly traded in Zimbabwe while maintaining international market access.
Following admission of the new shares, Kavango said the company’s total issued share capital will rise to 4,402,636,126 ordinary shares, each carrying one vote.
“In accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the total number of Ordinary Shares in issue… will be 4,402,636,126,” the company said.
The firm added that it does not hold shares in treasury, meaning all issued shares will carry voting rights.
The capital raising forms part of Kavango’s broader funding strategy to support exploration activities and strengthen institutional participation in the company’s projects across Southern Africa.
The company said additional investment tranches linked to the agreement are expected to be drawn down before August 31, 2026, signalling continued capital inflows as the programme progresses.
Kavango stated that further information about its operations and business interests is available on its corporate website.
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