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AIM-quoted Botswana Diamonds has announced that it has raised £500,000 through the placing of 50,000,000 new ordinary shares with new and existing investors at a price of 1p per placing share.

The placing shares represent approximately 9.8% of Botswana Diamonds’ issued share capital as enlarged by the placing.

The net proceeds of the placing will fund ongoing diamond exploration in South Africa and Botswana and will also provide Botswana Diamonds with additional working capital.

The placing shares will rank pari passu with the company’s existing ordinary shares of 0.25p each.

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 28 February 2018.

Following the admission of the placing shares, there will be a total of 509,282,508 ordinary shares in issue with each share carrying the right of one vote.

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 change to their interest in, Botswana Diamonds under the FCA’s Disclosure and Transparency Rules.

SVS Securities have been appointed joint broker with immediate effect.

Feature image credit: Botswana Diamonds