Botswana Diamonds raises £363k to fund exploration activities

Botswana Diamonds arranged a placing with existing and new investors to raise £363,000 through the issue of 60,5 million new ordinary shares for 0.6p each. 
It said the funds raised will be used to finance exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the company.
Each placing share has 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 2021.
Botswana Diamonds narrowed its loss for the year ended 30 June 2020 to £494, 940 compared to £905, 051, a year earlier.
The company is revenue or cash-generating and it relies on raising capital from the public market.
Botswana Diamonds said it had net liabilities of £389, 107 in the year compared to £343, 746 in 2019.
The diamond explorer acquired Sekaka Diamonds from Petra Diamonds last year.
Sekaka not only has one of the largest diamond databases but also holds title to a significant diamond discovery, KX36 and two surrounding licences.
Botswana Diamonds' recent drilling on Thorny River, in South Africa, discovered a 0.4-hectare blow.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished