PNN:CC - Pambili and Kavango Resources Plc Cement Strategic Partnership in Zimbabwe with US$310000 loan-to-equity conversion
(TheNewswire)
CALGARY, Canada (July 4,2024) — TheNewswire – Pambili Natural Resources Corporation(" Pambili " or the " Corporation ") (TSX-V: PNN) is pleased toannounce that following a review by the TSX Venture Exchange(“TSX-V”) KavangoResources Plc (“ Kavango ”) will now convert the US$250,000 convertible loan (the “ Loan ”) previously announced on April 26,2024 and Aug. 31, 2023, plus a US$60,000 Loan Premium (“ Premium ”) intocommon shares (“Shares”) in the Corporation.
The TSX-V has determined that the previously announcedPremium of US$75,000 exceeds its guidelines, and Kavangohas therefore agreed to reduce the Premium to US$60,000, being themaximum allowable amount, resulting in an effective interest rate of24% on the loan.
After giving effect to the exchange rate, the Loan andPremium ( C$423,770 ) will be settled through the issuanceof 7,704,910 Shares at C$0.055 per Share (“ Settlement ”). Aftergiving effect to the Settlement and following the Acquisition of theGolden Valley Mine (announced on June 20, 2024) Kavango will ownapproximately 14.0% of the enlarged share capital of Pambiliand will become an Insider of the Corporation.
Kavango ( www.kavangoresources.com ) isa mineral exploration company listed on the London Stock Exchange (L:KAV) with projects in Zimbabwe and Botswana.
The common shares issued under theSettlement will be subject to a statutory four-month holdperiod.
Pambili CEO Jon Harris commented : “Pambili is in a strongposition. We have taken positive steps forward in our exploration ofGolden Valley’s near- and longer-term gold potential. Following theTSXV’s recent approval of our acquisition of the project, we’reready to push on with preparations for our planned undergrounddrilling program.
The funds provided by Kavango willbe key in advancing this pivotal work and we welcome them as astrategic investor. Our goal is to identify an initial source of oreto bring the mine back into full production. This stands to provide uswith a source of revenue we can invest directly into operationexpansion and investigating Zimbabwe’s modern productionpotential.”
Kavango CEO Ben Turney commented: “ Kavango and Pambili sharean appreciation of the immense, underexplored gold potential acrossZimbabwe’s many greenstone belts. Our common goal is to support thenation as it enters the modern mining era.
We have been highly encouraged byPambili’s progress at Golden Valley and welcomed the recent newsthat the TSXVapproved the Company’s acquisition of the project. Ihave every faith in Jon and the team’s ability to develop GoldenValley moving forward. Kavango will support them fully as a strategicinvestor.”
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to activities in Zimbabwe. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of theCorporation, including, but not limited to the impact of generaleconomic conditions, industry conditions, currency fluctuations, anddependence upon regulatory approvals. The Corporation does not assumeany obligation to update the forward-looking statements to reflectchanges in assumptions or circumstances other than as required byapplicable law.
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