Aim-listed Botswana Diamonds has raised £250 000, through the placing of 50-million shares with new and existing investors at 0.5p a share.
This represents about 7.98% of the company's issued share capital.
The funds will be used to continue diamond exploration efforts in Botswana; to progress the Thorny River bulk sampling programme; to bring the Marsfontein dumps and gravels into commercial production, with the first diamond sales expected by the fourth quarter; and for general working capital purposes.