Kavango Resources plc said it had raised £750,000 through a “heavily oversubscribed” placing at 3p per share over the weekend.
The company added that this was at no discount to the offer price of Kavango’s shares at close on Friday 6 May.
A total of 25,000,000 new ordinary shares were placed by First Equity Ltd, on behalf of the company, with institutional and other investors, including high net worth and retail investors.