PNN:CC - Pambili Welcomes Kavango Resources Plc as Key Strategic Investor Converts US$250000 Loan to Equity
(TheNewswire)
CALGARY, Canada – TheNewswire - Nov. 28, 2023 —Pambili Natural Resources Corporation (" Pambili " or the" Corporation ") (TSXV:PNN) hereby announces that the arms-lengththird party (“ Lender ”) that provided the US$250,000 convertible loan (the “ Loan ”) previously announced on Aug. 31,2023, has given notice that it wishes to convert the Loan and the LoanPremium of US$75,000 (“ Repayment Amount ”)into common shares in the Corporation.
Pambili is also pleased to name the Lender as Kavango ResourcesPlc (“ Kavango ”), a mineral exploration companywith projects in Zimbabwe and Botswana. Kavango ( www.kavangoresources.com ) islisted on the London Stock Exchange (L: KAV).
After giving effect to the exchange rate, the RepaymentAmount ( C$446,250.00 ) will be settled through the issuance of 8,925,000 Pambili commonshares at C$0.05 per common share (“ Settlement ”). After giving effect to theSettlement, Kavango will own approximately 16.6% of the enlarged sharecapital of Pambili and will become an Insider of theCorporation.
The proposed Settlement is subject tofinal approval by the TSX-V and the common shares issued under theSettlement will be subject to a statutory four-month holdperiod.
Pambili CEO Jon Harriscommented : “We are delighted to finally be able toannounce our association with a key strategic investor, KavangoResources Plc, a company that shares our belief in the immensepotential of our gold consolidation strategy in Zimbabwe. I have beenworking with Ben Turney behind the scenes for the past year or so, andthe proposed Settlement is confirmation of his belief in our visionfor our future success in Zimbabwe.
It is a particularly exciting timefor Pambili right now. Earlier in the year, we established proof ofconcept for our strategy. Meanwhile, just this month, we acquired theGolden Valley project to take our next step toward developing aportfolio of cash-generating gold mines in Zimbabwe.
I look forward to continuing to workalongside Ben and Kavango as our operations continue todevelop.”
Kavango CEO Ben Turneycommented : “ The gold belts of southern Zimbabwepresent enormous opportunity for gold exploration and mine developmentcompanies. This is perhaps one of the world’s last under-exploredfrontiers for large-scale gold deposits. The geology in this region isvery similar to some of the most prolific gold fields of Australiathat have enabled that country’s bulk-mining boom over the past 40years.
Kavango is looking forward toworking closely with Pambili, supporting the Company and movingforward as a strategic partner as it builds its footprint in thisexciting arena. Together, our two companies have formed a closeworking partnership, and I am confident we will both benefit from themutual support we can offer one another.
As first movers, Pambili and Kavangoare in a strong position to become leading players as the gold sectorin Zimbabwe attracts international investment and grows.”
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.
About Kavango Resources Plc: Kavango Resources is an exploration companytargeting world-class base and precious metal discoveries in Botswanaand Zimbabwe. The Company’s highly experienced board and managementteams have a track record of delivering projects and creatingshareholder value in Africa. Alongside its specialist partners,Kavango uses state-of-the-art exploration techniques and technology touncover mineralisation in historically overlooked projectareas.
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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