StockMarketWire.com - Exploration company Kavango Resources details plans to expand its current drill programme in the Kalahari Suture Zone, and said it had raised £1.94 million through an equity offering.

The company said it was discussion with Equity Drilling & Mindea Exploration and Drilling Services to extend the current drill contract to include drilling a 550m borehole into B1.

'We had planned for a certain amount of drilling in 2021, as we pursued our objective of "proof of concept" in the KSZ. However, it became clear to the board in recent weeks that our projects require much more extensive campaigns,' the company said.

'As a result we have advanced our discussions with Equity Drilling about instigating much larger drill programmes, to respond to the rapid progress we are making in the field,' it added.

The company raised gross funds of £1.94 million through the placing of 35,272,727 shares at a price of 5.5p.








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