Botswana Diamonds has raised $1.13 million (£868,000) from directors and existing subscribers with funds to be used to progress its flagship Vutomi project in Frischgewaagt, South Africa, to inferred resources status and to continue its exploration activities.
The funds were raised through the placing of 79,484,300 new ordinary shares. Botswana issued 31,244,300 ordinary shares of 0.25p each at the exercise price of 0.85 pence per new share for a total of £265,576 ($346,000).
Of this the directors subscribed £124,000 ($162,000). This comes after the company raised a further £543,000 ($708,000) through a private placement of 43.44-million shares at 1.25p a share to directors’ families and investors in Ireland, including John Teeling, James Finn and David Horgan.
John Teeling, Chairman, commented, "Botswana Diamonds has exciting projects. We are happy to invest in them."
Source: The Diamond Loupe