Pambili Natural Resources Corporation Announces Conversion of Loan into Shares, Welcomes Strategic Investor

Pambili Natural Resources Corporation (TSX-V: PNN) is pleased to announce that the TSX Venture Exchange (TSX-V) has approved the conversion of a US$250,000 convertible loan, previously announced on April 26, 2024 and Aug. 31, 2023, along with a US$60,000 Loan Premium, into common shares in the Corporation. Kavango Resources Plc (L: KAV), a mineral exploration company listed on the London Stock Exchange, will now own approximately 14.0% of Pambili’s enlarged share capital and become an Insider of the Corporation.

The TSX-V determined that the previously announced Premium of US$75,000 exceeded its guidelines, and Kavango has agreed to reduce the Premium to US$60,000, resulting in an effective interest rate of 24% on the loan. The Loan and Premium, totaling C$423,770, will be settled through the issuance of 7,704,910 Shares at C$0.055 per Share.

Pambili CEO Jon Harris expressed his satisfaction with the Corporation’s progress, stating, “Pambili is in a strong position. We have taken positive steps forward in our exploration of Golden Valley’s gold potential. The funds provided by Kavango will be key in advancing our planned underground drilling program, as we aim to bring the mine back into full production and invest in Zimbabwe’s modern production potential.”

Kavango CEO Ben Turney also expressed confidence in Pambili’s progress and the shared goal of supporting Zimbabwe’s mining industry. “Kavango and Pambili share an appreciation of the immense, underexplored gold potential across Zimbabwe’s greenstone belts. 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.”

The common shares issued under the settlement will be subject to a statutory four-month hold period. Pambili Natural Resources Corporation is a natural resources exploration and development company currently active in Zimbabwe and Alberta, Canada.

For further information, please contact:
– Name: Jon Harris (CEO)
– Email: jon.harris@pambilinrc.com
– Phone: 403 277 4421

Please note that neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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