London-listed Kavango Resources has raised approximately US$8.4 million from investors in Zimbabwe and the United Kingdom to accelerate development of its gold assets in the country.
The capital was raised through parallel share subscriptions in the UK and on the Victoria Falls Stock Exchange, reflecting continued investor interest in Zimbabwe’s gold sector.
In their statement, the company said“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 million in the UK (the UK Subscription).”
The funds will primarily be directed toward expanding operations at the Hillside Gold Project, while also supporting further exploration activities and general working capital.
Part of the money will also help finance the proposed acquisition of Nara Resources, including related legal costs.
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The fundraising will result in the issuance of about 629.99 million new ordinary shares, with the subscription price representing a 33 percent premium to the company’s mid-market share price recorded on March 5, 2026.
Company leadership also participated in the capital raise. Chairman and interim chief executive Peter Wynter Bee subscribed for 20 million shares under the UK portion of the offer.
The company said trading of the new shares is expected to begin once regulatory approvals are completed.
“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.
Located in the Filabusi Greenstone Belt, the Hillside project currently produces about two kilogrammes of gold per month through small-scale operations. Kavango plans to increase production by expanding mining and processing infrastructure.
The development comes as Zimbabwe’s gold sector continues to attract investors, supported by strong international bullion prices and rising export earnings.
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