Pennine Petroleum (TSE:PNN) has released an update.
Pambili Natural Resources Corporation has announced a strategic move with Kavango Resources Plc converting a US$250,000 loan into equity, resulting in Kavango owning approximately 19.35% of Pambili’s enlarged share capital and becoming an insider. The conversion strengthens the partnership between the two companies, with both showing commitment to developing gold projects in Zimbabwe. This decision is pending final approval by the TSX-V and will include a four-month hold period for the newly issued shares.
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