- Mining group Power Metal Resources said it had acquired a 2.5% stake in Kavango Resources, having converted a convertible loan into shares in the company.

Power Metal had converted an entire £38k loan note into Kavango shares at a conversion price of 0.8p.

The company would also be issued with warrants to subscribe for a further 4.75m Kavango shares at an exercise price of 1p and with a three-year life to expiry to 21 April 2023.

Power Metal said it and its technical team continued to work with Kavango in relation to the conditional acquisition of 51% of the Ditau Camp project in Botswana and further updates would follow as appropriate.

At 9:22am:

[LON:KAV] Kavango Resources Plc Ord 0.1p share price was 0p at 1.35p

[LON:POW] share price was -0.05p at 0.58p

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