JOHANNESBURG (miningweekly.com) – Aim-listed Botswana Diamonds has raised £500 000 through the placing of 33.33-million new ordinary shares with new and existing investors at 1.5p apiece.
The placing shares represented 9.9% of the company's issued share capital.
The net proceeds of the placing would be used to fund ongoing diamond exploration in Botswana, which was being managed by Alrosa, the company's joint venture partner.
“We have an active ongoing drilling, sampling and geophysics programme on our ground in Botswana. We expect this work to continue through the rest of 2016. This placing ensures we are fully funded,” said Botswana Diamonds chairperson John Teeling.
The funds would also provide Botswana Diamonds with additional working capital.