Botswana Diamonds has raised £250,000 with new and existing investors at a price of 0.5p per placing share. The placing shares represent approximately 7.98% of the issued share capital in the company as enlarged by the placing.
The funds will be used to continue diamond exploration efforts in Botswana, progress the Thorny River bulk sampling programme, bring the Marsfontein dumps and gravels into commercial production with first diamond sales expected by Q4 2019 and for general working capital purposes.
The placing shares will rank pari passu with existing ordinary shares of Botswana Diamonds at 0.25p each.
Application will be made for the placing shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 28 July 2019.