Aim-listed Botswana Diamonds has undertaken a placing with existing and new investors to raise £250 000 to fund exploration activities in Botswana, Zimbabwe and South Africa.
The company will issue about 41-million new ordinary shares, at a placing price of 0.6p apiece.
Each placing share has one warrant attached, which allows investors to subscribe for one new ordinary share at 0.6p apiece for two years.
In South Africa, the company is exploring prospective rights together with Vutomi Mining, with the rights spanning 50 000 ha in Limpopo, North West and Free State.
In Zimbabwe, it is exploring the Marange diamond fields, together with Aim-listed Vast Resources.
In Botswana, the company and its 51%-owned subsidiary Siseko Minerals are exploring the Maibwe Diamonds prospects, together with Botswana’s State-owned base metal producer BCL and Future Minerals.
Additionally, it is also exploring two other areas in Botswana, and the Orapa and Kalahari regions, of which Orapa is in joint venture with Russian diamond miner Alrosa.