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Botswana Diamonds Raises $813K for Exploration, Working Capital

Dec 21, 2015 8:33 AM   By Rapaport News
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RAPAPORT... Botswana Diamonds raised $813,099 (GBP 545,316) through an issue of 64.2 million shares to finance exploration activities in Botswana and provide additional working capital.

The diamond exploration group raised $683,882 through a private placement of 54 million new shares, according to a statement December 18. Some of the shares were bought by directors and people connected to the company, including executive chairman John Teeling and finance director James Finn. Each new share, priced at 1.27 U.S. cents, also includes the right to buy one more ordinary share at the same price for the next three years.

The company has settled a further $129,217 of existing liabilities with certain directors through a conditional issue of 10.2 million new shares. These liabilities had accrued because of “unpaid” directors’ fees, the statement said.

The share issue was approved at the company’s annual general meeting in London December 18. The company, which is listed on the London Stock Exchange’s Alternative Investment Market, expects shares to be admitted to trading December 24.
Tags: Botswana, Botswana Diamonds, capital markets, financial, mining, Rapaport News
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