Botswana Diamonds Raises Cash For Botswana, SA Explorations

Botswana Diamonds (BOD) says it has undertaken a placing with existing and new investors to raise  £370,000 via the issue of 67,272,727 new ordinary shares, which includes the cash subscription by certain directors as detailed below, at a placing price of 0.55p per Placing Share. 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 a period of two years from 23rd January 2019, being the expected date of the Placing Warrants issue.

The Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 28th January 2019.

According to BOD, the funds raised will be used to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the Company.

“Following the issue of the Placing Shares, there will be a total of 576,555,235 ordinary shares of 0.25p each in issue with each ordinary share carrying the right to one vote (“Ordinary Shares”). The Company does not hold any Ordinary Shares in Treasury,” it said.
“Therefore, the total number of Ordinary Shares in the Company with voting rights is 576,555,235. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.”

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