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RAPAPORT... Botswana Diamonds has conditionally raised $882,000 (GBP 540,000) in cash by issuing 21.6 million new ordinary shares at 1 pence each, plus two warrants per new share, forming one unit, at a price of 2.5 pence each. The junior explorer also settled $327,000 (GBP 200,000) of existing liabilities with directors of the company by issuing units and, in aggregate, issued 29.6 million new shares and 59.2 million warrants, each of which give holders the right to subscribe for one new ordinary share at 2.5 pence per share for a period of six months.
The funds will be used for exploration projects in Botswana as well as contribute to working capital needs. The ALROSA/Botswana Diamonds joint exploration project will commence in January 2014 to focus on the PL117 license in the Orapa region of Botswana. John Teeling, the chairman of Botswana Diamonds, said, “The current financing environment facing exploration ventures on London's Alternative Investment Market (AIM) is particularly difficult so we are pleased that a small number of existing shareholders and new investors have supported this fundraising.” Following the issue of new shares, Botswana Diamonds will have 167,882,267 ordinary shares of 1 pence each in issue with each share carrying the right to one vote.
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