Pambili converts US$250,000 loan to equity, making Kavango Resources Plc a key strategic investor

Apr 26, 202420:45 UTC

(TheNewswire)

CALGARY, Canada – TheNewswire - April 26, 2024 —Pambili Natural Resources Corporation (“Pambili” or the“Corporation”) PPNN is pleased to announce that Kavango Resources Plc(“Kavango”) has given notice that it wishes toconvert the US$250,000 convertible loan (the“Loan”) previously announced on Aug. 31, 2023, into commonshares in the Corporation.

After giving effect to the exchange rate, the Loan(C$342,500.00) will be settled through the issuanceof 6,227,270 Pambili common shares at C$0.055 per commonshare (“Settlement”). After giving effect to theSettlement, Kavango will own approximately 19.35% of theenlarged share capital of Pambili and will become an Insider of theCorporation.

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

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.

Following approval of the Settlement, the Loan Premiumof US$75,000 (“Premium”) will remain outstanding and willbe convertible into common shares in the Corporation on the same basisas the original Loan.

Pambili CEO Jon Harris commented:“We are pleased to be ableconvert the Loan, which confirms Kavango’s position as a keystrategic investor and associate for Pambili as it develops its goldprojects in Zimbabwe. Kavango and Pambili both believe in the immensemodern production potential of the underexplored and underdevelopedgold belts in the country.”

Kavango CEO Ben Turney commented: “Since we first announced our intentionto convert our loan into shares in Pambili, Kavango has continued towork closely with Pambili. Our two companies have formed a closeworking partnership, and I remain confident we will both benefit fromthe mutual support we can offer one another.”

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

Jon Harris (CEO)

T: 403 2774421

E: jon.harris@pambilinrc.com

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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