Botswana Diamonds raises £0.36m for exploration activities

Botswana Diamonds has undertaken a company-arranged placing with existing and new investors to raise £0.36m, it announced on Friday, to fund exploration activities.

The AIM-traded firm said the fundraising was via the issue of 60.5 million new ordinary shares, including a cash subscription by certain directors, at a placing price of 0.6p per share.

It said each placing share had one warrant attached, with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for two years from 22 January, being the expected date of the placing warrants issue.

“The funds raised will be used to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the company,” the company’s board said in its statement.

At 1145 GMT, shares in Botswana Diamonds were down 3.45% at 0.7p.