JOHANNESBURG (miningweekly.com) – Diamond explorer Botswana Diamonds has undertaken a private placing to conditionally raise cash £458 655 through the placing of 53.95-million new ordinary shares at a placing price of 0.85p.
The funds raised would be used to fund exploration activities in Botswana, which remained ongoing, and to provide additional working capital.
Each Placing Share had one warrant attached with the right to subscribe for one new ordinary share at the placing price for a period of three years from December 24..
Additionally, the Aim-listed company had settled a further £86 661 of existing liabilities with certain directors of the company through the conditional issue of 10.19-million placing shares.
These liabilities had accrued as a result of unpaid directors' fees.
“In aggregate, the company has conditionally issued a total of 64.15-million placing shares with warrants attached to raise £545 316,” the group said in a statement.