Exploration company, Botswana Diamonds (BOD) said it has conditionally raised cash proceeds of £282,500 through the issue by the company of, in aggregate, 28,250,000 new ordinary shares. The shares were priced at £0.01 each, at a placing price of 1p each, representing a 27.5% discount on Monday 30 March closing mid-price.

According to the company, the money will be used to fund its exploration projects in Botswana as well as for its working capital requirements.

The New Shares will rank pari passu with the Company’s existing ordinary shares.  Application will be made for the New Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23rd April 2015.

“Following the issue of the New Shares there will be a total of 224,478,267 ordinary shares of £0.01 each in issue with each share carrying the right to one vote,” stated the company.

Botswana Diamonds said recently that a joint team exploration work between Alrosa and Botswana Diamonds plc (BOD) has restarted on Blocks PL 206, 207 and 210 in Orapa, Botswana in a bid to find major new kimberlites.

A team of seven geologists, mineralogists and geophysicists from Alrosa have arrived on site to join its team and conduct follow-up exploration on blocks PL 206, 207 and 210.

Focus is around PL 206 to verify whether the identified Kimberlitic Indicator Minerals (KIMs) are from the known Orapa kimberlite cluster or from previously undiscovered kimberlites in or around PL 206.

The company added that focus on PL 207 is on the north east of the block to discover the source of the heavy concentration of KIMs found including two diamonds while focus on PL 210 is to estimate the travel distance of the KIMs.