Botswana Diamonds has issued 55 million new ordinary shares at a placing price of 1p each to existing and new investors to raise £550,000.
It said the funds raised will be used to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, as well as 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 2p per new ordinary share for three years from 25 October 2021.
Following the issue of the placing shares, there will be a total of 847,7 million ordinary shares of 0.25p each in issue with each ordinary share carrying the right to one vote.
Gaborone recently renewed two prospecting licences of Sunland Minerals, a wholly-owned subsidiary of Botswana for two years commencing 1 October 2021.
Botswana Diamonds also acquired a controlling stake in the Thorny River project in South Africa end of September this year.
Thorny is an advanced stage kimberlite exploration property located at the eastern side of a kimberlite dyke and blow system spanning Klipspringer Mine, 15km to the west, and the iconic Marsfontein Mine, 4km to the west.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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