Botswana Diamonds has raised £250,000 before expenses through the placing of 50 million new ordinary shares to fund its operations in in Botswana and South Africa.
It said in a statement that the funds will be used to continue diamond exploration efforts in Botswana and progress the Thorny River bulk sampling programme, in South Afica.
The diamond exploration company said funds will also be used for general working capital purposes and to bring the Marsfontein dumps and gravels into commercial production with first diamond sales expected by the fourth quarter of 2019. Marsfontein is contiguous to and an extension of the Thorny River project.
Botswana Diamonds recently said its 40%-owned Vutomi had been granted permission to sell diamonds recovered during bulk sampling at the Thorny River project.
At least 256 carats of rough diamonds had been recovered as of June 10 from re-commissioning the processing plant.
Image credit: Botswana Diamonds, Thorny River Project