Aim-listed Botswana Diamonds has undertaken a share placement and subscription with existing and new investors to raise £380 000 through the issue of 76-million new ordinary shares of £0.0025 each at a placing price of 0.5p a share.
Each placing share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p a new ordinary share for a period of two years from November 27.
The placing shares will rank equally in step with the company's existing ordinary shares.
Given that Botswana Diamonds’ current operational focus is on explorational activities at its assets in Botswana and South Africa, the net proceeds from the placing will be applied towards the continuation of these activities and to provide additional working capital.