JOHANNESBURG (miningweekly.com) – Aim-listed Botswana Diamonds has raised £525 000 through the placing of 35-million new ordinary shares at 1.5p a share.
The net proceeds of the placing will be used to fund ongoing kimberlite drilling at its Frischgewaagt property in South Africa, drilling in Botswana, exploration work in South Africa and in the first stage of the 2017 Alrosa/Botswana Diamonds exploration programme in the Orapa and Gope areas of Botswana.
“Our exploration activities are gaining momentum. We are drilling at Frischgewaagt, our late-stage exploration property in South Africa and we will start drilling in Botswana imminently. The Alrosa team will also commence their fieldwork in early March.
“The two drilling programmes will be completed by the end of March, after which we anticipate a period of six to eight weeks' analysis,” commented chairperson John Teeling.
The placing shares represent 9.37% of the company's issued share capital.