Botswana Diamonds raises fresh £0.37m in placing

Botswana Diamonds announced on Wednesday that it has undertaken a placing with existing and new investors to raise £0.37m via the issue of 67,272,727 new ordinary shares at a price of 0.55p each.

The AIM-traded firm said each placing share had one warrant attached, with the right to subscribe for one new ordinary share at 0.6p each for a period of two years from 23 January, being the expected date of the placing warrants issue.

It said the placing shares would rank pari passu with its existing ordinary shares.

Application was being made for the placing shares to be admitted to trading on AIM, with the company expecting that such admission would become effective on or around 28 January.

“The funds raised will be used to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the company,” the Botswana Diamonds board said in its statement.