JOHANNESBURG (miningweekly.com) – Aim-listed Botswana Diamonds has raised £868 576 through the issue of 79.48-million new ordinary shares to take its Vutomi JV project, at Frischgewaagt, in South Africa, to inferred resources status and to continue its exploration activities.
Pursuant to the receipt of conversion notices from holders of 31.24-million warrants, the company issued 31.24-million shares at a price of 0.85p a share, to raise £265 576.
The company raised a further £543 000 through a private placement of 43.44-million shares at 1.25p a share to directors’ families and investors in Ireland.
Further, Botswana Diamonds chairperson John Teeling and directors James Finn and David Horgan subscribed for new shares at 1.25p a share to raise a further £60 000.
“We are delighted with the response from existing shareholders to this funding. The Vutomi project at Frischgewaagt is very exciting. We, as directors, and our family, are happy to support Botswana Diamonds and delighted that many of our colleagues agree with us,” commented Teeling.