CALGARY, Canada (July 4, 2024)— TheNewswire – Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V: PNN) is pleased to announce that following a review by the TSX Venture Exchange (“TSX-V”) Kavango Resources 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”) into common shares (“Shares”) in the Corporation.

 

The TSX-V has determined that the previously announced Premium of US$75,000 exceeds its guidelines, and Kavango has therefore agreed to reduce the Premium to US$60,000, being the maximum allowable amount, resulting in an effective interest rate of 24% on the loan.

 

After giving effect to the exchange rate, the Loan and Premium (C$423,770) will be settled through the issuance of 7,704,910 Shares at C$0.055 per Share (“Settlement”). After giving effect to the Settlement and following the Acquisition of the Golden Valley Mine (announced on June 20, 2024) Kavango will own approximately 14.0% of the enlarged share capital of Pambili and will become an Insider of the Corporation.

 

Kavango (www.kavangoresources.com) is a mineral exploration company listed on the London Stock Exchange (L: KAV) with projects in Zimbabwe and Botswana.

 

The common shares issued under the Settlement will be subject to a statutory four-month hold period.

 

Pambili CEO Jon Harris commented: “Pambili is in a strong position. We have taken positive steps forward in our exploration of Golden Valley’s near- and longer-term gold potential. Following the TSXV’s recent approval of our acquisition of the project, we’re ready to push on with preparations for our planned underground drilling program.

 

The funds provided by Kavango will be key in advancing this pivotal work and we welcome them as a strategic investor. Our goal is to identify an initial source of ore to bring the mine back into full production. This stands to provide us with a source of revenue we can invest directly into operation expansion and investigating Zimbabwe’s modern production potential.”

 

Kavango CEO Ben Turney commented: “Kavango and Pambili share an appreciation of the immense, underexplored gold potential across Zimbabwe’s many greenstone belts. Our common goal is to support the nation as it enters the modern mining era.

 

We have been highly encouraged by Pambili’s progress at Golden Valley and welcomed the recent news that the TSXVapproved the Company’s acquisition of the project. I have every faith in Jon and the team’s ability to develop Golden Valley moving forward. Kavango will support them fully as a strategic investor.”

 

About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.

 

For further information, contact:

 

Pambili Natural Resources Corporation

Jon Harris (CEO)

T: 403 277 4421

E: jon.harris@pambilinrc.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to activities in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicable law.

 

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